The International Association of Privacy Professionals’ Practical Privacy Series Conference, held last month in New York City, featured a thought-provoking presentation by Brian Lapidus, practice leader of the identity theft and breach notification group for the cybersecurity practice at Kroll. Lapidus challenged the established practice of providing credit monitoring to consumers affected by data breaches. In many cases, he said, it is not an adequate or appropriate remedy for victims.
An estimated 378 million people globally are victims of cybercrime each year, Lapidus said. In 2012, 33 percent of the reported data breaches resulted in offerings of only credit monitoring for affected consumers, he said. Lapidus argued that 85 percent of identity theft would not be detectible through credit monitoring or credit reports—rather, it occurs through unauthorized charges to consumers’ existing accounts, tax fraud, bank fraud and employment fraud. The default remedy does not address the majority of the problems these consumers are likely to experience, he argued.
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