The Ripple Effect of Identity Theft: What Happens To My Data Once It’s Stolen?

July 8, 2015 — The Ripple Effect of Identity Theft: What Happens To My Data Once It’s Stolen?

Information Age has featured an article by Ryan Wilk, NuData’s Director of Customer Success. Ryan discusses what hackers do with the data they have stolen and more importantly, how organisations can prevent it from happening in the first place.

As a society, we hear about data breaches all the time, but we rarely hear about what happens to the stolen data afterwards.

We may not think much of los­ing one username and password combo or having to cancel a credit card, but each piece of data doesn’t just disappear. It gets collected and combined into the tool of choice for today’s fraudsters – one that’s so difficult to overcome that organisations have had to rebuild how they do internet security.

Data privacy is dead

Since 2005, more than 675 million data records have been involved in data breaches in the U.S. alone, according to the Identity Theft Resource Center. These records include incredibly personal data such as a person’s Social Security number, name, address, phone number, credit card number, name of local bank branch and so on.

Data thieves sell this information to aggregators, who cross-reference and compile full identities – called “fullz” on the data black market. This increases the value and usefulness of the stolen data, which may have been gathered from multiple data breaches.

To read the full article at Information Age, click here.