Findem and IQVIA Digital: Hassan–led Report Estimates Over $20B in Recent Losses From Data Broker Breaches

Senate Report: Data Broker Breaches Cost U.S. Consumers Over $20 Billion in a Decade

A February 27 report from Sen. Maggie Hassan (D-N.H.) reveals that four major data broker breaches over the past decade have resulted in over $20 billion in identity theft losses for U.S. consumers. As the ranking member of the Joint Economic Committee, Hassan’s analysis focused on breaches affecting hundreds of millions of Americans, with financial damages calculated using conservative estimates including a median loss of $200 per victim.

Data brokers, which collect and sell personal information from commercial, government, and public sources often without consumer awareness pose significant risks when breached. The report highlights that exposed data frequently fuels identity theft, fraud, and scams, with the true financial impact likely exceeding the $20 billion estimate. Many victims pursue class-action lawsuits, suggesting losses per individual may be far higher than the median figure.

The report calls for stronger protections, emphasizing the need for easily accessible opt-out mechanisms. In August, Hassan investigated five data brokers accused of obscuring opt-out pages, prompting four Comscore, IQVIA Digital, Telesign, and 6sense Insights to improve transparency. Findem, however, failed to respond to the senator’s inquiry.

Hassan’s findings underscore the growing threat of data broker practices as scam-related losses rise, urging Congress, the administration, and the industry to enhance oversight and reduce fraud risks.

Source: https://meritalk.com/articles/hassan-led-report-estimates-over-20b-in-recent-losses-from-data-broker-breaches/

Findem cybersecurity rating report: https://www.rankiteo.com/company/findeminc

IQVIA cybersecurity rating report: https://www.rankiteo.com/company/iqvia

"id": "FINIQV1772483878",
"linkid": "findeminc, iqvia",
"type": "Breach",
"date": "1/2016",
"severity": "85",
"impact": "4",
"explanation": "Attack with significant impact with customers data leaks"

{'affected_entities': [{'customers_affected': 'Hundreds of millions',
                        'industry': 'Data Analytics',
                        'location': 'United States',
                        'name': 'Comscore',
                        'type': 'Data Broker'},
                       {'customers_affected': 'Hundreds of millions',
                        'industry': 'Healthcare Data',
                        'location': 'United States',
                        'name': 'IQVIA Digital',
                        'type': 'Data Broker'},
                       {'customers_affected': 'Hundreds of millions',
                        'industry': 'Telecommunications',
                        'location': 'United States',
                        'name': 'Telesign',
                        'type': 'Data Broker'},
                       {'customers_affected': 'Hundreds of millions',
                        'industry': 'Marketing',
                        'location': 'United States',
                        'name': '6sense Insights',
                        'type': 'Data Broker'},
                       {'customers_affected': 'Hundreds of millions',
                        'location': 'United States',
                        'name': 'Findem',
                        'type': 'Data Broker'}],
 'data_breach': {'number_of_records_exposed': 'Hundreds of millions',
                 'personally_identifiable_information': 'Yes',
                 'sensitivity_of_data': 'High',
                 'type_of_data_compromised': 'Personal information'},
 'date_publicly_disclosed': '2024-02-27',
 'description': 'A report from Sen. Maggie Hassan reveals that four major data '
                'broker breaches over the past decade have resulted in over '
                '$20 billion in identity theft losses for U.S. consumers. The '
                'breaches affected hundreds of millions of Americans, with '
                'financial damages calculated using conservative estimates. '
                'Exposed data frequently fuels identity theft, fraud, and '
                'scams.',
 'impact': {'data_compromised': 'Personal information',
            'financial_loss': '$20 billion',
            'identity_theft_risk': 'High',
            'legal_liabilities': 'Class-action lawsuits'},
 'lessons_learned': 'Data brokers pose significant risks when breached, and '
                    'stronger protections, including easily accessible opt-out '
                    'mechanisms, are needed to reduce fraud risks.',
 'motivation': 'Financial Gain',
 'post_incident_analysis': {'corrective_actions': 'Improved transparency in '
                                                  'opt-out mechanisms',
                            'root_causes': 'Data brokers collecting and '
                                           'selling personal information '
                                           'without consumer awareness'},
 'recommendations': 'Enhance oversight, improve transparency in opt-out '
                    'mechanisms, and reduce fraud risks through legislative '
                    'and industry actions.',
 'references': [{'date_accessed': '2024-02-27',
                 'source': 'Senate Report by Sen. Maggie Hassan'}],
 'regulatory_compliance': {'legal_actions': 'Class-action lawsuits'},
 'title': 'Data Broker Breaches Resulting in Identity Theft Losses',
 'type': 'Data Breach'}