Customer Losses From Citigroup Data Breach At $2.7 Million
Saturday, July 09, 2011
The post-breach news keeps getting worse for Citigroup.
The bank announced in May that 200,000 customers were affected by its data breach. Then, that number was revised upwards to 360,000. ZDNet reported that about 3,400 Citigroup customers have lost about $2.7 million from the May data breach.
The take-aways from this breach:
- Do the math -- the loss, so far, is just under $800 per breach victim. That is direct evidence of the connection between breaches, identity theft, and identity fraud
- Banks are high-value targets, so future hacks/attempts are likely
- Identity criminals are persistent and act quickly to steal money
- Criminals often re-sell stolen identity information. So, the revenues for the criminals is likely higher than $2.7 million
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