“Today’s settlement trends toward moving the needle in the right direction for consumers and victims,” said Eva Velasquez, President and CEO of the Identity Theft Resource Center.
SAN DIEGO, Calif. (PRWEB) July 24, 2019
Today, the Federal Trade Commission and Facebook announced a record-breaking $5 billion settlement in the 2018 data breach that resulted in as many as 87 million consumer identity theft credentials being compromised through data misuse by a third party developer – Cambridge Analytica. The FTC noted that this was in-part because Facebook violated its earlier agreements to comply with privacy requirements.
As the leader in victim assistance in identity crime cases, the Identity Theft Resource Center is available to provide expert perspective on the potential impacts to consumers and the relevance of today’s announcement for those impacted by the 2018 breach. With over 100,000 consumers seeking advice from ITRC in the days after the initial incident, executives from the organization were on the frontlines of the initial aftermath.
“Today’s settlement trends toward moving the needle in the right direction for consumers and victims,” said Eva Velasquez, President and CEO of the Identity Theft Resource Center. “We’re starting to see that businesses that fail to protect their data or consumer privacy will have powerful consequences – both regulatory and financial. As evidenced by the two dissenting opinions, some professionals still feel this is not enough to discourage industry from neglecting data privacy and security as a part of their due diligence in conducting their daily business.”
The Identity Theft Resource Center believes that over the next 18 months we will see more of these types of fines and settlement agreements. With over 831 breaches recorded publicly so far in 2018, consumers continue to bear the brunt of the black market data economy.
Members of the ITRC executive team are available for interview via local affiliate, Skype, phone or satellite studio.