Report Reveals Alarming Increase in Data Breaches Across the US

In 2023, the number of reported data breaches in the United States reached an all-time high, exceeding 2,000 events for the first time ever. According to the latest report from the Identity Theft
Resource Center (ITRC), a staggering 3,205 data breaches were reported, impacting an estimated 353 million victims.

This represents a significant increase of 78 percentage points compared to the previous year and a 72 percentage point hike from the previous all-time high in 2021. The number of estimated victims
also saw a slight decrease, dropping by 16 percentage points from 2022.

The report highlights that most industries experienced an increase in reported attacks, with three industries – Healthcare, Financial Services, and Transportation – reporting more than double the
number of compromises compared to 2022. Publicly traded companies were particularly affected, with over 9% issuing a data breach notice, impacting approximately 143 million victims.

Notably, the report found that public companies were more likely to withhold actionable information about their data breaches than other entities. Additionally, the trend toward opaque breach
notices discussed in the previous year’s ITRC report accelerated in 2023, with nearly double the number of breach notices without specific information about the root cause of an attack.

The report also highlights two significant trends:

1. Supply Chain Attacks: The number of organizations targeted by Supply Chain Attacks surged by over 2,600% since 2018, with estimated victims reaching over 54 million.
2. Underreporting of Breaches: The rise in Supply Chain Attacks has raised questions about who is responsible for making the determination of risk and notifying victims of the compromise.

To address these issues, the ITRC recommends three key areas of action:

1. Uniform Breach Notice Laws: Adopting uniform provisions across state data breach laws and federal agency regulations can help reduce compliance difficulties and expenses for businesses.
2. Digital Credentials & Facial Comparison Systems: The expanded use of facial verification and digital credentials is crucial to reducing identity crimes involving stolen personal information.
3. Improve Vendor Due Diligence: Understanding the risk represented by vendors through comprehensive cyber risk assessments and proper due diligence on current and future suppliers can help prevent Supply Chain Attacks.

Source : https://www.idtheftcenter.org/

Note:

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