Experian released its sixth annual Data Breach Industry Forecast, which includes forecasts of the top five data breaches for 2019. The report covers new cyber threats to biometrics and gambling, as well as vulnerable targets, including cloud and wireless networks. Here's a summary by Experian's Matt Tatham:
The volume of data breaches in 2018 was mind-boggling. According to the Identity Theft Resource Center (ITRC), 1,027 violations were reported with 57,667,911 records that were compromised on November 2, 2018.
"Hackers have become very agile in over-protective measures. Cybercriminals always seem to be one step ahead of new security gates, "said Michael Bruemmer, vice president of Data Breach Resolution at Experian. "We use the power of data to help companies make the right decisions, and we issue our Data Breach Industry Forecast every year to give them a competitive advantage. Our predictions show where hackers can next exploit vulnerabilities to help companies hedge against these future threats.
Increased risk of identity theft
Significant data breaches occur between 2005 and 2017 The type, which affected millions of users, rose from around 200 to over 1,300 a year, according to the ITRC. Billions of data have been uncovered. This makes it easy for cybercriminals to monetize stolen data, which in turn has increased the risk of identity theft. Protecting consumer data and organizational network infrastructures from potential cyber threats is a business-to-business, day-to-day and day-to-day battle. However, it is time for consumers to get a grip on their digital identity.
"In the future, consumers need a comprehensive plan and comprehensive monitoring to protect their larger digital identity," said Brian Stack, vice president of dark web intelligence at Experian. "Consumers need to be ready to regain control if they are the victim of a multi-vector attack. That means cybercriminals want to turn your devices into botnets that can do even more harm. The ability to respond quickly will be critical to ensuring that the financial assets are secure and protected against ongoing or future attacks on their digital identity. "
Protecting Your Digital Identity
Protecting Your Identity on the Internet should be the Top Priority You will be the victim of identity theft. Here are some tips to help protect yourself:
- Do not share your personal information with strangers by phone, e-mail, or text message. These types of inquiries could well be scams.
- Get Free Surveillance of Your Credit Reports by logging in and receiving credit alerts. A company that has a violation should send you a notification of a data breach. However, if unusual alerts arrive by email or in the email under a different name, this can be a sign that you are the victim of identity theft.
- Get a Free Dark Web Scan to find out if your Social Security number is present, email or phone number has been compromised. Hackers sell stolen information on the dark web, and Experian offers a dark web scan from 2006 that spans thousands of websites and millions of data points.
- Lock your balance to prevent illegal activity, or if you see any on your existing accounts, odd fees will be charged. Freezing and locking your credit file prevents potential lenders from accessing your loan file and provides a preventative measure to prevent identity theft.
You can read the full supplemental report with a detailed analysis of the five predictions and their importance to businesses and consumers here.
Matt Tatham is the manager of content insights and data analysts at Experian Consumer Services, a division of Experian, the largest US credit bureau.
Editorial Disclaimer ]: The opinions expressed here are solely those of the author, not those of a bank, a credit card issuer or any other company. They have not been audited, approved or otherwise approved by any of these companies. All information, including prices and fees, are correct at the time of publication.