Tax
Sep. 29, 2010
Tax Consequences for Customer Data Theft
One instance of alleged customer data theft by an employee of a major financial institution profoundly changes the face of international banking, by Sanford Millar.
Identity theft is not a trivial issue. The costs to our national, state and local economies, businesses and individual consumers are substantial. According to Forbes, the 2009 estimated cost of identity theft was $54 billion. These costs are directly and indirectly passed on in the purchase price of goods and services. But the theft of customer data is not limited to third party hackers breaking into servers. There is another seri...
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