Data breaches dominated the news over the past two years, some with devastating impact. Data theft from government agencies, healthcare providers, financial institutions, telecoms, retailers, and social networks proved that no industry is immune from attack.
Javelin’s new 2016 Data Breach Fraud Impact report assesses how the relationship between data breaches and consumer identity fraud will change in the years to come as breached data will likely begin to surface. It also includes a case study on the Anthem SSN data breach and lessons learned.
Medical data contains a wealth of information that can provide value in perpetrating financial fraud. Patient records are certain to contain biographical details such as name, address, date of birth, and Social Security number — all of which have obvious applications in either new-account fraud or account takeover.
Additionally, if full records are breached, the hackers may have access to family history, previous addresses, and personal habits.
Javelin says while its data shows that we have not yet realized the fallout from medical data breaches that does not mean we can’t expect one in the next few years. With the count in the 10s of millions, researchers, consumers and fraud watchdogs alike are waiting to see what the fallout will be once this personally identifiable information (PII) and medical data hits the black market.
The report examines what types of data are likely to become prominent breach targets, how consumers be empowered in the fight against breach-related identity fraud and the impact on patronage of a breached organization.
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