Feb 27, 2013

The Hidden Costs of Data Theft

In this video from the folks at InsuranceQuotes.org we see some staggering numbers of the hidden costs of data theft. Some you probably didn't even imagine before.

From their article:

In an age of fully digitized data, consumers and businesses can lose thousands of dollars in the blink of a hacker’s eye. The costs of data theft are well known to anyone who has ever found themselves victim to financial identity or medical record fraud. What few of us realize is that the procedures required to right a financial wrong are often costlier than the crimes themselves. 
The economy loses an average of $22,346 for every time an identity is stolen. And to fully recuperate losses, repair credit and prosecute fraudsters, consumers, accountants, lawyers and IRS officials can spend up to 5,000 hours, the equivalent of two years of full-time work on a single case. Even so, 60% of medical record fraud victims admit that they don’t monitor their medical statements for inconsistencies.
Those hare some big numbers considering how rampant data theft is these days.

Have you been a victim of data theft? How much did it cost you to get your life back on track? Let us know in the comments.

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