CHICAGO—The severity of data breach risks rose to the highest level in two years during the first quarter of 2024, increasing 31% from the same period last year, according to TransUnion’s latest analysis of data breach trends.
TransUnion’s Breach Risk Score (BRS) revealed the severity of data breaches climbed to 4.6 in Q1 2024, up from 3.5 in Q1 2023. The BRS is compiled by assigning a risk score for each data breach — driven by an AI algorithm analyzing more than 1,300 breach elements and their risks, the company said.
TransUnion’s analysis showed the increased data breach risks were primarily due to the high level of Social Security number exposures — which occurred in 78% of all publicly reported breaches during the first quarter of 2024.
‘Significant Rise’
“That’s a significant rise from the same period in 2023 when Social Security numbers were exposed in 51% of breaches. This, coupled with high credit and debit card data exposures in 2024, increased the BRS to record levels,” TransUnion said.
“Our consumer research shows upwards of three in four Americans consistently express concerns over having their identities stolen. Yet, when surveyed, most admit not taking any action at all,” said Mike Doherty, senior vice president and head of TransUnion’s TruEmpower consumer solutions. “This inaction has long vexed financial institutions that generally bear the brunt of fraud-related losses. People are actually very motivated to take action — they just need a trusted source and personalized guidance for what to do.”
The need for personalized data breach analysis comes amid an alarming rise in data breaches, TransUnion said.
‘90% Increase’
“In the first quarter of 2024, the Identity Theft Resource Center (ITRC) reported a 90% increase in data compromises compared to the first quarter of 2023. TransUnion’s ongoing fraud research shows more than 20 million Americans have personal information, such as driver’s license numbers, credit card information and Social Security numbers, exposed in data breaches each quarter. In 2022, consumers experienced $10.3 billion in losses related to cybercrimes and data incidents,” the company said.
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