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In 2017, consumer credit rating giant Equifax suffered one of the country's largest data breaches, exposing the personal information of 147 million U.S. citizens, or roughly 40% of the population ...
The threat of data breach or revealing information obtained in a data breach can be used for extortion. [16] Consumers may suffer various forms of tangible or intangible harm from the theft of their personal data, or not notice any harm. [91] A significant portion of those affected by a data breach become victims of identity theft. [82]
VentureBeat called the exposure of data on 140+ million customers "one of the biggest data breaches in history." [25] Equifax shares dropped 13% in early trading the day after the breach was made public. [26] Numerous media outlets advised consumers to request a credit freeze to reduce the impact of the breach. [27] [28] [29] [30]
An overwhelming majority of Americans have taken steps to protect their identity over the past year.
A data breach involves unauthorized access to confidential information, ranging from customer contact details to closely guarded trade secrets, like the Colonel's secret recipe of 11 herbs and spices.
The data was sent over fourteen emails and it contained personally identifiable information (PII) of consumers. [5] The employee also sent two spreadsheets with names and transaction-specific account numbers for about 256,000 consumer accounts at a single institution. [5] Neither the firms nor the employee have been publicly identified. [3]
Data breach notification laws have two main goals. The first goal is to allow individuals a chance to mitigate risks against data breaches. The second goal is to promote company incentive to strengthen data security. [2] Together, these goals work to minimize consumer harm from data breaches, including impersonation, fraud, and identity theft. [3]
According to the Federal Register, for data breaches that affect 500 or more customers, or for which a carrier cannot determine how many customers are affected, organizations must file individual ...