Managed Hosting News 
Monday, 23rd March 2009, 14:20:00
Businesses 'need to step up their online security'
New figures have revealed that online businesses are opening themselves up to credit card fraud by failing to take adequate security precautions.
Although many companies are turning to shared data schemes under virtualisation and cloud computing to boost the security of their data, some are ignoring the problem.
It is those businesses which are likely to suffer as a result of the crime, fraud prevention specialist the 3rd Man has claimed.
The firm's managing director and fraud expert Paul Simms explained: "It is only those businesses who are failing to take suitable precautions which are being worst hit."
The Ponemon Institute recently supported the comments made by Mr Simms, adding that too many businesses are ignoring the serious threat posed to their online data.
Senior privacy analyst at the institute Mike Spinney claimed that some are operating under "a cloud of disbelief" that they could ever be targeted.
This comes after credit card group Apacs revealed that credit card fraud rose by 243 per cent, accounting for losses of £328.4 million in 2008 alone.
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