Identity theft's many faces: how to protect your business and yourself.

• Author: Whitesides, Hilary Ingoldsby
• Position: TechKnowledge

It's been about four months since 2.2 million University of Utah Hospitals and Clinics patients' billing records were stolen from a courier vehicle transporting the files to a storage center. The records, containing social security numbers and other personal information, were recovered a few weeks later and didn't appear accessed. And those affected were informed and offered free credit monitoring. But, really, no one knows if any information was repurposed. In today's technology age, the risk and fear of identity theft is all too real and close to home. Here's what you need to know to stay safe:

What Is Identity Theft?

The Federal Trade Commission says identity theft is "when someone uses your personally identifying information, like your name, Social Security number or credit card number, without your permission, to commit fraud or other crimes." The FTC estimates that as many as 9 million Americans have their identities stolen each year.

Identity theft comes in a variety of different forms ranging from something purchased on a stolen credit card, apartments rented under someone else's name and even bank accounts opened and checks written under another name. While some cases of identity theft are resolved quickly, others take years and thousands of dollars to correct. The FTC reports that victims can be denied loans and lose job opportunities as a result of having bad credit caused by identity theft.

Security Measures

Although there isn't a 100 percent secure method for protecting data, Scott Mitic, chief executive officer of TrustedId, says there are many ways companies should be keeping information safe. He says most major corporations use data encryption, secure storage, firewalls, data access authorization and network and PC monitoring to protect sensitive information. However, mistakes can be made or precautions overlooked because of high costs.

Companies also need to be constantly looking for unauthorized traffic in and out of their network, as well as monitoring individual computers for suspicious activity, Mitic says. Sensitive information should always be encrypted when stored or transported and companies should carefully consider who they share information with to ensure similar safeguards would be used. Last but not least, employees must be monitored and trained.

"Employees should only have access to sensitive personal information on a need-to-know basis and those individuals must have annual background checks," Mitic says...