Identity Theft has been the FTC's top compliant over the past five years running. Companies are struggling to comply with a variety of laws regulating information security and privacy. Due to the exploding number of privacy laws and statutes, companies should develop a company-wide privacy policy to tackle the serious laws that apply to their organizations.
The FTC has taken the position that merchants can also be held liable for the actions and inactions of their vendors. It is advised that the businesses build privacy obligations and protections into vendor contracts.
Furthermore, individuals, consumers, and employees can blow the whistle on companies who have not complied with the identity theft laws. They can even receive incentives for the information they provide. They can acquire up to 25% of the fees & fines obtained by the government for failure to comply.
