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One of the purposes of data protection is to prevent accidental data losses and data being stolen. Why? There are lots of reasons for protecting data – from confidentiality requirements to prevent insider dealing through to preventing identity fraud where applications can be made using stolen personal information. Criminals can find many ways of using misplaced data to make financial gains.
Many unfortunate victims will look at their bank balances or statements and be shocked to find unexpected purchases or payments made from their account. The use of a victim’s card details to make purchases fraudulently is particularly an issue online where a physical bank card is not even required. Data breaches can mean the personal data of a company’s customers may become available to cybercriminals leading to financial losses at the customer’s expense. ‘Data loss’ on its own may seem harmless, but it can cause a lot of damage in the wrong hands.