Thirty (30) percent of General Consumers surveyed by the ITRC have created passkeys; nearly half of SMB leaders surveyed are limiting the amount of information they collect
SAN DIEGO, Oct. 30, 2024 /PRNewswire-PRWeb/ -- The Identity Theft Resource Center®(ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, has published its 2024 Consumer & Business Impact Report, supported by Experian. The report explores the trends from the three distinct groups – ITRC Victims, General Consumers, and Small Business Leaders – and how identity misuse, data breaches and cyberattacks impact them.
The 2024 Consumer & Business Impact Report findings highlight significant changes in cyber habits from consumers and small businesses. More consumers are freezing their credit, changing their password habits and adopting technologies like passkeys. Small businesses are implementing a range of data protection practices that will result in less personal data available to identity criminals.
Download the ITRC's 2024 Consumer & Business Impact Report
For the report, the ITRC surveyed 254 ITRC Victims, 1,031 General Consumers and 461 small business owners or executives at a company of 500 or fewer employees to determine these trends. (See the "About the 2024 Consumer & Business Impact Report" section for more information.) According to the responses, reports from General Consumers of identity crimes jumped 21 percentage points from July 2023 to June 2024. Nearly 47 percent of victims who contacted the ITRC during the reporting period had been victimized more than once. The number of first-time ITRC Victims increased to 45 percent from 36 percent. The number of first-time identity crime victims among General Consumers grew from 31 percent in 2023's report to 37 percent in 2024.
Only 18 percent of General Consumer respondents did not receive a data breach notice in the last 12 months. Not only is the rate of data breach notices increasing, but so is the frequency, with more than 43 percent of victims receiving at least two notices, up from 29 percent in last year's report.
The number of ITRC Victims who contemplated suicide dropped from the previous high of 16 percent to 12 percent in the most recent reporting period. However, the number of General Consumers who considered self-harm grew to five (5) percent, up from three (3) percent in 2023.
"While it is encouraging to see the number of ITRC Victims contemplating suicide drop, the number is still far too high," said Eva Velasquez, President and CEO of the Identity Theft Resource Center. "It is reflective of broader trends outlined in the report, such as the financial, physical and emotional impacts of identity crimes on distinct populations. However, the encouraging news from the consumer aspect of the report is that our victims are beginning to adopt passkeys as a replacement for passwords. A passkey allows you to log in with a biometric identifier, which cannot be stolen. This is a cyber-hygiene practice we encourage everyone to take."
"The findings of the ITRC's 2024 Consumer & Business Impact Report underscore the importance of adopting active measures to safeguard information. We are encouraged to see more individuals and small businesses taking steps to protect themselves, and Experian will continue to support these efforts through our innovative solutions and resources," said Michael Bruemmer, Vice President of Experian Global Breach Resolution and Consumer Protection.
According to the small business questionnaire from the 2024 Consumer & Business Impact Report, fewer than 20 percent of small businesses have not been the victim of a cyberattack, data breach or both in the past year. Financial losses grew dramatically in 2024 compared to previous years, with losses of more than $500,000 doubling in one year.
As of October 2024, 20 states have passed comprehensive data protection and privacy laws. These laws give consumers more access and control over how their personal information is collected, processed, sold, shared and stored. The laws often also mandate data security and other data practices. Small business leaders who responded to the survey knew their state's new requirements (77 percent). An almost equal number (76 percent) were concerned about how they would comply.
"One thing businesses of all sizes have in common is that they are targets for cybercriminals," said James E. Lee, Chief Operating Officer of the Identity Theft Resource Center. "We're seeing small businesses increase investment in new security tools and employee training, as well as the collection of less data. At the same time, cybercriminals are focusing on small businesses, especially those that are part of supply chains. These advances in cyber practices at SMBs couldn't come at a better time."
The ITRC offers a range of low and no-cost tools to help small businesses. Consumers can also receive free live victim support or guidance from a knowledgeable ITRC advisor by texting or calling 888.400.5530 or using the chat function on the website. Small business leaders and consumers can visit idtheftcenter.org to get started.
About the ITRC 2024 Consumer & Business Impact Report
Consumer Impact Methodology
From July 2023 to July 2024, the ITRC responded to requests for direct assistance from 9,213 individuals seeking help addressing the impacts of compromised or misused identity credentials, as well as requests for information on how to prevent becoming a victim of an identity crime. In August 2024, the ITRC sent emails to a representative sample of those individuals, 254 of which responded by completing an online survey questionnaire. To get a broader view of the trends and impacts affecting consumers, the ITRC asked similar questions to 1,031 general consumers who may or may not have been a victim of an identity crime and had not contacted the ITRC for information or assistance. These general consumers completed a similar, but not identical, online survey questionnaire as the ITRC victims.
Business Impact Methodology
The ITRC, using the SurveyMonkey platform, conducted an online survey to explore the impacts of cybercrimes on small businesses as defined by the U.S. Small Business Administration. The survey was conducted in August 2024, covering the previous 12 months unless otherwise noted in a specific question. The online questionnaire was completed by 461 people selected by SurveyMonkey. The respondents met the criteria of being a small business owner or executive at a company of 500 or fewer employees, including solopreneurs and gig workers. This year's report reflects responses from businesses ranging from single-employee companies to organizations with 500 employees. The responses also reflect a wide range of industries with a slight concentration in retail entities.
About the Identity Theft Resource Center
Founded in 1999, the Identity Theft Resource Center® (ITRC) is a national nonprofit organization established to empower and guide consumers, victims, business and government to minimize risk and mitigate the impact of identity compromise and crime. Through public and private support, the ITRC provides no-cost victim assistance and consumer education through its website live chat, idtheftcenter.org, and toll-free phone number 888.400.5530. The ITRC also equips consumers and businesses with information about recent data breaches through its data breach tracking tool. The ITRC offers help to specific populations, including the deaf/hard of hearing and blind/low vision communities.
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
Media Contacts
Identity Theft Resource Center
Alex Achten
Director of Communications & Media Relations
888.400.5530 Ext. 3611
[email protected]
Experian
Victoria Lim
[email protected]
SOURCE Identity Theft Resource Center
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