{"id":3127,"date":"2017-09-17T08:35:05","date_gmt":"2017-09-17T12:35:05","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=3127"},"modified":"2018-12-11T07:20:10","modified_gmt":"2018-12-11T12:20:10","slug":"consumer-data-breaches","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2017\/09\/17\/consumer-data-breaches\/","title":{"rendered":"Consumer data breach"},"content":{"rendered":"
\"consumer<\/a>
Consumer data breach (infographic from breachlevelindex.com)<\/figcaption><\/figure>\n

If you haven\u2019t heard of the Equifax<\/a> consumer data breach then you\u2019re either uninformed or you just don\u2019t care. Regardless, this breach of personal and private information should make you very concerned.\u00a0 If not for your own personal data, then for our economy.\u00a0 The Equifax breach was a massive data heist<\/strong> that included names, birth dates, addresses, phone numbers, and in some cases driver\u2019s license numbers.<\/p>\n

Besides causing personal harm, this data breach has the potential to wreak widespread economic havoc<\/a>.\u00a0 It was reported that the hack could impact up to 143 million consumers (almost half the country\u2019s population is at risk).\u00a0 If only 1 percent of the 143 million are not able to buy a home as a result of this data breach because of identification fraud or other credit report problems, that would be about 1,430,000 fewer homes sold, which is about 26 percent of all the existing homes sold in the US last year.<\/strong>\u00a0 To put it in perspective, there was only a 20 percent drop in existing home sales from market peak (2006) to trough (2009) triggering the worst housing market since the Great\u00a0 Depression and wiping out much of the country\u2019s real estate wealth.<\/p>\n

Let\u2019s be clear, this is not a wake-up call.<\/h3>\n

The wake-up call came years ago when consumer data breaches and hacking first got the attention of the public and government.\u00a0 Since, the snooze alarm has continually been reset.\u00a0 According to the Privacy Rights Clearinghouse<\/a> (privacyrights.org), since 2005 there have been 7,671 data breaches totaling to 1,070,164,636 records breached.\u00a0 The clearinghouse only counts the data breaches that \u201chave a high chance of exposing individuals to identity theft.\u201d<\/p>\n

One of the first consumer data breaches to draw government ire and fines was the Choicepoint breach<\/a> in 2005.\u00a0 The 145,000 consumers affected by that breach pales in comparison to the Equifax consumer data breach.\u00a0 Choicepoint was fined $10million by the FTC as well as having to provide $5million for consumer redress.<\/p>\n

Since Equifax\u2019s public announcement of the consumer data breach, Congress and the Consumer Financial Protection Bureau has called for hearings<\/a>.\u00a0 Of course, hearings take time and are a knee jerk reaction to the damage that has already been done.\u00a0 But the hearings will address the many questions surrounding this incident, such as: how the hack occurred; why it allegedly took Equifax two months to reveal the hack; and why were Equifax executives allegedly allowed to sell company stock before the data breach announcement?<\/p>\n

And because of the potential financial and economic impact of hacking and consumer data breaches, the questions that should also be asked include: Why hasn\u2019t government taken steps to protect such information prior this data breach?\u00a0 How will government protect consumers moving forward?<\/p>\n

Are consumer data breaches becoming acceptable?<\/h3>\n

Equifax\u2019s incident is not the first of its kind, and unfortunately, nor will it be the last.\u00a0 But it is the largest breach of private and personal information to date.\u00a0 This incident should make you wonder if the stewards of our private and personal information, along with the government agencies and bureaus, are incapable of or not totally invested in protecting the consumer.<\/strong><\/p>\n

Be vigilant.<\/h3>\n

Equifax has set up a site to check if you\u2019re affected by this data breach, however many have demonstrated that it does not work properly<\/a>.\u00a0 It may be best to assume you\u2019re at risk and take necessary actions to protect yourself. The Federal Trade Commission<\/a> (www.consumer.ftc.gov\/blog\/2017\/09\/equifax-data-breach-what-do), the CFPB<\/a> (www.consumerfinance.gov\/about-us\/blog\/identity-theft-protection-following-equifax-data-breach) offer tips in protecting your personal and private data.<\/p>\n

Original published at https:\/\/dankrell.com<\/p>\n

Copyright\u00a9 Dan Krell
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<\/a>\"Protected<\/a>Disclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you haven\u2019t heard of the Equifax consumer data breach then you\u2019re either uninformed or you just don\u2019t care. Regardless, this breach of personal and private information should make you very concerned.\u00a0 If not for your own personal data, then for our economy.\u00a0 The Equifax breach was a massive data heist that included names, birth … <\/p>\n

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