By Brad Mueller, CLU, and Scott B. Tracy, CPA, CliftonLarsonAllen LLP

Horror stories about identity theft have made us vigilant about protecting our credit-card numbers, Social Security number and other personal information. However,in our rush to protect personal information, it’s important we do not ignore the growing threat of corporate identity theft.

Stealing a company’s identity and using it to deliberately perpetrate fraud can cost millions and devastate an otherwise healthy, growing company.

Identity theft has always been a risk, but the frequency and severity of corporate identity theft have been on the rise as technology overtakes every aspect of business. Wireless networks, smart phones, cloud computing and social media have all added to the vulnerability of data that must be managed and protected, and upped the stakes when the best protective measures fail.