ITRC Report: What New Statistics Reveal About Data Breaches Impacting Consumers and Small Businesses?

The ITRC’s  2024 Consumer & Business Impact Report highlights troubling trends in identity theft for both consumers and small businesses.

The latest stats provided by the nonprofit organization, which is dedicated to supporting victims of identity crimes, reveal how consumers and small businesses face greater risks from cybercrime than ever before, with a sharp rise in data breaches and financial losses among victims.   The jump in data breaches, along with the emotional and financial toll of identity crimes, paints a sobering picture of the current threat landscape.

The Rising Threat of Data Breaches for Consumers

Only 18% of surveyed individuals stated that they had not received a data breach notification in the past 12 months. Among those who did receive data breach notifications, 43% received multiple notifications—a significant increase from 29% in the previous year’s report, showing that the scale and frequency of breaches are continuously growing.

General Consumers reported a 21-percentage-point increase in identity crime victimization from July 2023 to June 2024, revealing a more widespread impact on individuals than in previous years.

Small Businesses in the Cyber Crosshairs

Small businesses, often viewed as lower-priority targets by cybercriminals, are also increasingly vulnerable to data breaches and other cyberattacks, according to the report.  The recent ITRC data shows that fewer than 20% of small businesses surveyed managed to remain unscathed in the past year.

The ITRC revealed that small businesses' financial losses have more than doubled in the past year, exceeding $500,000. This sharp increase underscores their financial vulnerability and the devastating impact a single cyber incident can have on an organization.

“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 ITRC. “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.”

Read more about how you can protect your small business against identity:

What Is Business Identity Theft and How to Protect Your Business

Cybercrime’s Emotional and Financial Toll on Identity Theft Victims

The ITRC report also sheds light on the emotional burden identity theft inflicts on victims, with nearly 47% of individuals who sought support from the organization experiencing identity theft multiple times. Consumers also show signs of psychological distress due to cybercrime, which highlights the growing emotional toll cybercrime takes on individuals and the need for robust victim support services and accessible mental health resources.

How Bitdefender Can Help Consumers Stay a Step Ahead of Data Breaches

Use Bitdefender’s Digital Identity Protection for:

- Instant Alerts: You can immediately react to data breaches and privacy threats and take swift action to prevent damage, such as changing passwords, via one-click action items.

- Real-time monitoring: The service continuously scans the internet and dark web for your personal information. You will receive alerts whenever your data is involved in a breach or leak.

- Peace of mind: This service immediately flags suspicious activity and actively monitors personal information for peace of mind.

- A 360° view of all your personal data: See your digital footprint, including traces from services you no longer use but that still have your data, and even send requests for data removal from service providers.

How Can Bitdefender Help Your Small Business

Bitdefender Ultimate Small Business Security is here to help you with comprehensive protection specifically designed for small businesses. Here's what it offers:

• Phishing and Email Protection: Stops phishing scams and fraudulent emails before they reach your inbox.
• Malware Defense: Keeps your Windows PCs, Macs, iPhones, Android phones, and Windows servers safe from malware, including ransomware.
• Password Manager: It helps you create strong passwords and it keeps them secure.
• VPN: Provides unlimited VPN traffic for you and your employees to keep all your remote connections safe.
• Scam Copilot: Uses AI to help your team spot scams and avoid threats while boosting your cybersecurity skills.
• Business Assets Exposure: Keeps an eye on important business info like your email, credit cards, and social media accounts. If any of this information gets caught up in a data breach, you'll get notified. Once you've set it up, you can check if you, your employees, or your business have been part of any data leaks. You'll learn about the breach, the service it happened on, and what kind of information was exposed (like your email or username).
• Easy to Use: Features a straightforward dashboard that anyone can manage, with no IT expertise needed.