Companies Facing Greater Risks in Protecting Customer Information
Last week's U.S.-led breakup of an international ring of cybercriminals brings fresh attention to the risks businesses face as they try to safeguard customer information.
Hulman and Company CEO Mark Miles also sits on the boards of Indianapolis investment bank City Securities and The Pantry, which owns Kangaroo Express convenience stores in 13 states, including eight stores in Evansville, Boonville, Petersburg and Winslow. Hulman owns the Indianapolis Motor Speedway, and collects credit card information when race fans buy tickets. But Miles notes Kangaroo Express processes far more transactions. And banks, like City Securities, must follow a swirl of federal regulations to make sure they protect account information.
Miles says protections at the bank are more complex, but the basic principle is the same at any business: collect only the information you have to, have multiple firewalls, and conduct regular audits to look for traces of intrusions.