According to the results of a new study, if your personal data was compromised in a breach there is a greater than one-in-four chance that you will be the victim of identity theft resulting in fraud in the next year.
The study, titled Data at Rest Is Data at Risk:Confronting a Singular Threat to Three Major U.S. Industries, found a strong correlation between personal data exposed in corporate and healthcare data breaches and the risk of criminal identity theft and monetary losses due to fraud.
“By breaching the data stores of businesses in the financial, healthcare and retail industries, criminals can obtain the fuel they need to execute various fraud schemes, and these crimes have crippling consequences,” said Javelin’s Al Pascual.
Key findings in the study include:
- 4.4 million Americans were both notified that their payment card information was compromised in a data breach and suffered fraud on their existing credit or debit cards
- 1.26 million Americans were both notified that their Social Security numbers (SSN) were compromised in a data breach and became victims of identity fraud
- 270 thousand Americans were both notified that their online banking credentials were compromised in a data breach and suffered fraud on their financial accounts, including checking and savings accounts
- 324 thousand Americans were both notified that their bank account numbers were compromised in a data breach and became victims of fraud incurred against their checking, savings, or other financial accounts
“Identifying and protecting the sensitive information typically stored by these industries is essential for mitigating the risk of a data breach and, therefore, the risk of financial loss to data custodians, consumers and third-party businesses,” Pascual said.
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