Enterprise data breaches are national news almost weekly. Major companies including Target, Home Depot and Chrysler lost customer support after data breaches resulted in leaked customer financial information and even a hijacked vehicle.
One of the most notable data breaches of 2015 targeted the Social Security Administration. More than 20 million social security numbers were compromised after this summer’s data breach.
What could be seen as a response to citizens’ personal records being leaked, the federal government reportedly invested $3.7 million towards protecting citizens’ personal information online through various private projects. These projects aim to secure online transactions and medical information as well as deter online tax fraud.
The project is funded by the Commerce Department’s National Strategy for Trusted Identities in Cyberspace (NSTIC), which launched in 2011. NSTIC works with technology and software developers to create more secure online transactions and data storage. NSTIC’s fourth funding round was announced Monday and identified projects intended to regulate cyber commerce and healthcare records more efficiently.
MorphoTrust USA will receive $1 million in funding to develop new forms of identification that will operate like an electronic driver license to prevent online tax fraud. Galois, another technology developer, will receive close to $2 million to continue development of a data storage product that requires biometric-based authentication, such as fingerprints. HealthIDx will also receive close to $1 million to support the development of technology built to secure patient records and information.
With more hacking attempts focused at enterprises and healthcare than ever, cybersecurity paranoia is at an all-time high. Online transactions and data storage are growing in popularity, but proper precautions need to be taken to ensure customers’ information is safe. Hopefully, with continued development and security, personal information will become completely secure.