TransUnion reports data breach severity jumped 31% in Q1 2024 — While unveiling new personalized identity threat intelligence to empower consumers
Company’s enhanced identity threat intelligence technology recognized at FinovateSpring conference
CHICAGO, IL (May 23, 2024) — The severity of data breach risks rose to the highest level in two years during the first quarter of 2024, increasing 31% from the same period last year. TransUnion (NYSE: TRU) unveiled its analysis of data breach trends today at the 2024 FinovateSpring conference where the company’s new identity threat intelligence offerings within its TruEmpowerTM solution line were featured as one of the most exciting technologies with real-word applications.
TruEmpower’s enhanced BreachIQ capabilities use a proprietary AI algorithm for personalized identity risk assessment. The technology analyzes an individual’s comprehensive data breach history, generates a personalized dynamic risk score, and recommends clear and concise actions to protect against identity crime.
Personalized identity risk assessments are of particular importance as TransUnion’s proprietary Breach Risk Score (BRS) revealed the severity of data breaches climbed to 4.6 in Q1 2024, up from 3.5 in Q1 2023. The BRS is compiled by assigning a risk score for each data breach — driven by an AI algorithm analyzing more than 1,300 breach elements and their risks.
TransUnion’s algorithmic analysis showed the increased data breach risks were primarily due to the high level of Social Security number exposures — which occurred in 78% of all publicly reported breaches during the first quarter of 2024. That’s a significant rise from the same period in 2023 when Social Security numbers were exposed in 51% of breaches. This, coupled with high credit and debit card data exposures in 2024, increased the BRS to record levels.
“Our consumer research shows upwards of three in four Americans consistently express concerns over having their identities stolen. Yet, when surveyed, most admit not taking any action at all,” said Mike Doherty, senior vice president and head of TransUnion’s TruEmpower consumer solutions. “This inaction has long vexed financial institutions that generally bear the brunt of fraud-related losses. People are actually very motivated to take action — they just need a trusted source and personalized guidance for what to do.”
Sounding the alarm on data breaches while providing real-time solutions for consumers
The need for personalized data breach analysis comes amid an alarming rise in data breaches. In the first quarter of 2024, the Identity Theft Resource Center (ITRC) reported a 90% increase in data compromises compared to the first quarter of 2023. TransUnion’s ongoing fraud research shows more than 20 million Americans have personal information, such as driver’s license numbers, credit card information and Social Security numbers, exposed in data breaches each quarter. In 2022, consumers experienced $10.3 billion in losses related to cybercrimes and data incidents.
TruEmpower’s enhanced BreachIQ identity threat intelligence technology was demoed at FinovateSpring where it was a finalist for an award regarding its innovative nature. Building upon TransUnion’s tradition of credit reporting and education — a key to monitoring identity security — it helps demystify what to do after a data breach. BreachIQ displays a dynamic score based on a large pool of data about a consumer’s individual identity vulnerabilities, data exposure from breaches and the fraud mitigation steps they self-report inside the tool. The dynamic score then adjusts, showing improvements as consumers take preventative actions.
The result is a significant change in consumer behavior. While most consumers impacted by data breaches report feeling confused or overwhelmed about what to do (and subsequently take no action), data shows most breach victims who engage with TruEmpower’s enhanced BreachIQ take action to improve their identity threat scores.
“Identity safety is a top financial goal of consumers. They want to understand and counter the identity threats they face. Yet, doing so requires much more personalization than they’ve been able to access. They now have clear insights and guidance at their fingertips,” concluded Jim Van Dyke, senior principal of innovation in TransUnion’s Consumer Interactive business.
Please click here for more information about TransUnion’s TruEmpower identity threat intelligence tools and what consumers can do to mitigate these risks.
About TransUnion
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business
