Kaulkin Media Research Reports on Data Security Implications for Accounts Receivable Management Industry
ROCKVILLE, Md. (Business Wire EON) April 3, 2008 -- Credit and collection professionals in the accounts receivable management industry must contend with increasingly complex regulation to keep customer information secure, but not all costs are easily measured. The report finds that software expenses for maintaining compliance for collection agencies can get as high as $500,000. Not maintaining compliance can result in a huge cost in both cash and in reputation. In one case, the cost associated with a single data security breach was $118 million in fines alone. Harder to measure is the potential loss of business, for example, when creditors can no longer work with preferred agencies because they do not meet minimum standards for data security.
This research report was provides an overview of the current difficulties faced by the financial services firms and collection agencies in their continuing efforts to safeguard personal financial information during debt recovery. The executive brief covers current data security requirements, their failings, and potential legislative changes that could further complicate the already challenging task of data security compliance.
"Data security continues to present a vexing problem for creditors and their ARM agency partners. There currently exists no uniform standard for reaching data security compliance," said Dimitri Michaud, Kaulkin Media Consumer Finance Analyst. "Given the room for interpretation currently in place when dealing with compliance, and no less than thirteen bills introduced in the 110th Congress to address data security with the potential to further complicate this already fractious landscape; data security will remain a primary topic of discussion for some time. It is our hope to further the discussion around and understanding of this challenging issue area."
Data Security: Complexity, Cost, and Potential Legislation is available through Kaulkin Media's online library. For more information please visit www.insidearm.com/go/free-reports.
For more information about Consumer Finance ARM and research opportunities through Kaulkin Media, contact Dimitri Michaud, Analyst, at 240-499-3840 or by email.
About Kaulkin Media
Kaulkin Media is the worldwide leader in providing news and information on the recovery of debt in all industries. We put the news in perspective, provide unique insight into challenges that face the accounts receivable management (ARM) industry, and facilitate collaboration among peer executives. Publications include www.insideARM.com(TM), www.jobsinsideARM.com, The ARM Insider(TM), Inside Card & Creditor Receivables, and other monthly e-newsletters. Kaulkin Media's analyst group conducts sector-specific research that provides a level of authority and in-depth analysis not found anywhere else.
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