You might be surprised to know that your personal life's worth can be bought for only a few dollars.
According to the recent findings, the damages from cybercriminals is expected to top $6 trillion by 2021. Identity theft and data breaches cost individuals not only their finances and lifestyle, but their emotional well-being. It causes horrific damage, and can happen in an instant.
What is the price tag on your personal information?
Cybercriminals steal trillions of dollars worth of information. The average victim of fraud or identity theft loses up to $1,600 and spends 60 hours trying to resolve the issue. Others lose thousands more. Taking this into account, it is then shocking to know just how little cybercriminals spend to buy your personal information.
It starts as little as $45. That's right, $45. For your entire life's financial legacy to be stolen in an instant.
(Source: Symantec)
Just to reiterate, this is the average cost for a criminal to buy a file containing your birthday, credit card details and name. In fact, research shows that other forms of personal information, such as the login details of your Netflix account or a copy of a utility statement, can be purchased for something like 10 cents.
There have been many examples in the media of identity theft, from Facebook to Telstra and is a concern that has garnered much needed attention from individuals, organisations and legislation alike due to its serious consequences.
Breaches can be expensive. Let's take a look at the 2019 Door Dash Hack for example.
In September 2019, a hacker stole private information from 4.9 million customers and delivery workers which included full names, delivery addresses, phone numbers, credit card digits, bank accounts and passwords. According to reports, the estimated cost of personal data that was stolen is valued at $147 million. A staggering figure.
Facts and Figures
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