TransUnion Reports Data Breach Severity Jumped 31% in Q1 2024 — While Unveiling New Personalized Identity Threat Intelligence to Empower Consumers
23 May 2024 - 10:00PM
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. TransUnion (NYSE: TRU) unveiled its analysis
of data breach trends today at the 2024 FinovateSpring conference
where the company’s new identity threat intelligence offerings
within its TruEmpower™ solution line were featured as one
of the most exciting technologies with real-word applications.
TruEmpower’s enhanced BreachIQ capabilities use
a proprietary AI algorithm for personalized identity risk
assessment. The technology analyzes an individual’s comprehensive
data breach history, generates a personalized dynamic risk score,
and recommends clear and concise actions to protect against
identity crime.
Personalized identity risk assessments are of
particular importance as TransUnion’s proprietary 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.
TransUnion’s algorithmic 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. 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.
“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.”
Sounding the alarm on data breaches
while providing real-time solutions for consumers
The need for personalized data breach analysis
comes amid an alarming rise in data breaches. 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.
TruEmpower’s enhanced BreachIQ identity threat
intelligence technology was demoed at FinovateSpring where it was a
finalist for an award regarding its innovative nature. Building
upon TransUnion’s tradition of credit reporting and education — a
key to monitoring identity security — it helps demystify what to do
after a data breach. BreachIQ displays a dynamic score based on a
large pool of data about a consumer’s individual identity
vulnerabilities, data exposure from breaches and the fraud
mitigation steps they self-report inside the tool. The dynamic
score then adjusts, showing improvements as consumers take
preventative actions.
The result is a significant change in consumer
behavior. While most consumers impacted by data breaches report
feeling confused or overwhelmed about what to do (and subsequently
take no action), data shows most breach victims who engage with
TruEmpower’s enhanced BreachIQ take action to improve their
identity threat scores.
“Identity safety is a top
financial goal of consumers. They want to understand and counter
the identity threats they face. Yet, doing so requires much more
personalization than they’ve been able to access. They now have
clear insights and guidance at their fingertips,” concluded Jim Van
Dyke, senior principal of innovation in TransUnion’s Consumer
Interactive business.
Please click here for more information about
TransUnion’s TruEmpower identity threat intelligence tools and what
consumers can do to mitigate these risks.
About TransUnion (NYSE:
TRU)
TransUnion is a global information and insights
company with over 13,000 associates operating in more than 30
countries. We make trust possible by ensuring each person is
reliably represented in the marketplace. We do this with a Tru™
picture of each person: an actionable view of consumers, stewarded
with care. Through our acquisitions and technology investments we
have developed innovative solutions that extend beyond our strong
foundation in core credit into areas such as marketing, fraud, risk
and advanced analytics. As a result, consumers and businesses can
transact with confidence and achieve great things. We call this
Information for Good® — and it leads to economic opportunity, great
experiences and personal empowerment for millions of people around
the world.
http://www.transunion.com/business
Contact |
Dave BlumbergTransUnion |
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E-mail |
david.blumberg@transunion.com |
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Telephone |
312-972-6646 |
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