The Increasing Worries About Security Breaches in Financial and DNA Data

Entrepreneurs like Jim Plante use their expertise in finance and investment to fund endeavors for which they are truly passionate. In the case of Mr. Plante, funding is generated for companies founded to fight genetic disorders and hereditary diseases. With an eclectic knowledge base, this particular individual can offer expert opinions on subjects ranging from funding startup organizations, advancements in DNA testing, and problems with information security and database hacking.

For the owner of businesses focused on finance, genetic testing and the use of genetics for fighting disease, concern about security is intense. Consumers are afraid of having their personal data stolen, and they are aware of some consequences for others when this has occurred.

Financial Institutions

In regard to hacking, major financial institutions have experienced serious breaches in their security. Some years ago, U.S. database security breaches were typically caused by individual U.S. residents with high-level computer skills, but the character of hacking has changed. Now, financial institutions and other organizations must be concerned about hackers in other countries seeking to disrupt information systems and steal confidential data. Both Russia and China have been implicated in this serious global problem.

Personal Financial Data

The theft of Social Security numbers and credit card information can have devastating financial results. The criminals can file a tax returns and collect a refund with the stolen Social Security number. If they do this before the person who actually owns that number files, this individual will have a very difficult time untangling the mess. Thieves can also use the information to apply or new credit cards and quickly run up the balances to the maximum.

DNA Information

The idea of having one’s private genetic and health details stolen also is frightening. For example, other individuals can find out the person’s genetic predispositions to certain illnesses. An unscrupulous human resources department could make hiring decisions based partly on this information. Data thieves could learn personal family information that was never intended for strangers to know about. There are also concerns about fraud by people sending in DNA samples they have obtained from others without consent. Everyone’s garbage typically has numerous potential genetic samples in it.