September 18, 2015 — Combating account takeover
VanillaPlus features Ryan Wilk, NuData Security Director of Customer Success, in “Combating account takeover”.
The Ponemon Institute’s 2015 Cost of Data Breach Study showed a 23% increase in the total cost of a breach from 2013 to 2014. In other terms, companies paid an average of US$154 per lost or stolen record.
Multiply that by the hundreds of millions of records that were compromised last year and it’s clear to see that we have a security crisis on our hands, says Ryan Wilk of NuData Security
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, etc. 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.
A full identity allows a cyber-criminal to file a tax return or create new bank accounts under an actual person’s name. These actions cannot be traced back to the fraudster and can cause problems for the fraud victim for years down the road. In a recent New York Times article, a reporter details how a recent healthcare data breach exposed his child to identity theft that could dog her for the rest of her life, because her Social Security number was stolen…
To see the full article at VanillaPlus, click here.