Kaulkin Media Research Reports on Data Security Implications for
Accounts Receivable Management Industry
ROCKVILLE, Md. (Business Wire EON) April 3, 2008 --
The problem of identity theft is having a growing impact on debt
recovery for creditors and collection agencies in the accounts
receivable management industry, according to Kaulkin Media’s
latest executive brief, Data
Security: Complexity, Cost, and Potential Legislation.
Credit and collection professionals in the accounts receivable
management industry must contend with increasingly complex regulation to
keep customer information secure, but not all costs are easily measured.
The report finds that software expenses for maintaining compliance for
collection agencies can get as high as $500,000. Not maintaining
compliance can result in a huge cost in both cash and in reputation. In
one case, the cost associated with a single data security breach was
$118 million in fines alone. Harder to measure is the potential loss of
business, for example, when creditors can no longer work with preferred
agencies because they do not meet minimum standards for data security.
This research report was provides an overview of the current
difficulties faced by the financial services firms and collection
agencies in their continuing efforts to safeguard personal financial
information during debt recovery. The executive brief covers current
data security requirements, their failings, and potential legislative
changes that could further complicate the already challenging task of
data security compliance.
“Data security continues to present a vexing
problem for creditors and their ARM agency partners. There currently
exists no uniform standard for reaching data security compliance,”
said Dimitri Michaud, Kaulkin Media Consumer Finance Analyst. “Given
the room for interpretation currently in place when dealing with
compliance, and no less than thirteen bills introduced in the 110th
Congress to address data security with the potential to further
complicate this already fractious landscape; data security will remain a
primary topic of discussion for some time. It is our hope to further the
discussion around and understanding of this challenging issue area.”
Data
Security: Complexity, Cost, and Potential Legislation is
available through Kaulkin Media’s online
library. For more information please visit www.insidearm.com/go/free-reports.
For more information about Consumer Finance ARM and research
opportunities through Kaulkin Media, contact Dimitri Michaud, Analyst,
at 240-499-3840 or by email.
About Kaulkin Media
Kaulkin Media is the worldwide leader in providing news and information
on the recovery of debt in all industries. We put the news in
perspective, provide unique insight into challenges that face the
accounts receivable management (ARM) industry, and facilitate
collaboration among peer executives. Publications include www.insideARM.com™,
www.jobsinsideARM.com, The
ARM Insider™, Inside
Card & Creditor Receivables, and other monthly
e-newsletters. Kaulkin Media’s analyst group
conducts sector-specific research that provides a level of authority and
in-depth analysis not found anywhere else.
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