Friday, July 11, 2014

Report: 1 in 3 Data Breaches Result in Fraud

Customers have more cause to worry about breaches of their data according to a new report from the National Consumers League (NCL) report. They found that in 2013 nearly 1 in 3 data breaches resulted in fraud, that’s up from 1 in 9 in 2010.

The consequences of consumer fraud have a serious ripple effect: fraud victims report losing trust in the businesses where their data was compromised. For example, 59 percent of respondents whose data was breached at a retailer expressed “significantly decreased” trust in retailers who failed to protect their information.

"...in 2013 nearly 1 in 3 data breaches resulted in fraud, that’s up from 1 in 9 in 2010."
- The National Consumers League.

“This study is only the latest evidence for why the business community should be one of the most vocal advocates for protecting consumer data,” said NCL Vice President John Breyault. Organizations seeking to protect consumer data can utilize low-cost on-demand SaaS analytics services to proactively detect ID theft and privacy breaches.

Download a white paper on identity theft and privacy breach detection. Learn how to proactively identify unauthorized breaches of data privacy, even by authorized users - with no hardware and no on-site software.
Sources:
(a) The Consumer Data Insecurity Report: Identity Fraud Paradigm in Four Major Metropolitan Areas - www.NCLnet.org, 07/10/2014

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