THE BATTLE OVER PERSONALLY IDENTIFIABLE INFORMATION IS LOST

NEEDHAM, Mass., (AllPayNews.com) -- A new research report by TowerGroup declares that the financial services industry has lost the battle to protect consumers' personally identifiable information (PII) data. TowerGroup's George Tubin points out that in light of the loss or theft of hundreds of millions of data records containing PII, the financial services industry must consider the ramifications of past, present and future data losses.

The report indicates that despite significant US media attention, increased state legislative demands, negative customer reaction and substantial costs associated with consumer data loss, millions of customer data records continue to be lost or stolen every month. (more)