What new statistics reveal about data breaches affecting consumers and small businesses?

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

The latest statistics from the nonprofit, which is dedicated to supporting victims of identity crime, reveal how consumers and small businesses face greater risks from cybercrime than ever before, with a sharp increase in data breaches and losses financial among the victims. The rise in data breaches, along with the emotional and financial toll of identity crime, paints a grim picture of today’s threat landscape.

The growing threat of data breaches to consumers

Only 18% of respondents said they had not received a data breach notification in the past 12 months. Of those who have received data breach notifications, 43% have received multiple notifications – a significant increase from 29% in the previous year’s report, which shows that the scale and frequency of breaches continues to increase.

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

Small businesses in the cyber network

Small businesses, often seen as lower-priority targets by cybercriminals, are also increasingly vulnerable to data breaches and other cyberattacks, according to the report. Recent ITRC data shows that less than 20% of small businesses surveyed managed to break even in the past year.

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

“One thing companies of all sizes have in common is that they are targets for cybercriminals,” said James E. Lee, ITRC’s Chief Operating Officer. “We’re seeing small businesses increase investment in new security tools and employee training, as well as collecting less data. At the same time, cybercriminals are targeting small businesses, especially those in supply chains. These advances in SMB cyber practices could not come at a better time.”

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

What is identity theft in business and how to protect your business

The emotional and financial toll of cybercrime on victims of identity theft

The ITRC report also sheds light on the emotional toll that identity theft takes on victims, with nearly 47% of people who sought support from the organization having experienced identity theft more than once. Consumers also show signs of psychological distress from cybercrime, highlighting 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 one step ahead of data breaches

Use Bitdefender Digital Identity Protection for:

– Instant alerts: You can react immediately to data breaches and privacy threats and take quick steps to prevent damage, such as changing passwords, through 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 still have your data, and even submit data removal requests to service providers.

How Bitdefender can help your small business

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

• Phishing and email protection: Stop phishing scams and fraudulent emails before they reach your inbox.
• Defense against malware: It protects your Windows PCs, Macs, iPhones, Android phones, and Windows servers against malware, including ransomware.
• Password manager: It helps you create strong passwords and keeps them safe.
• VPN: It provides unlimited VPN traffic for you and your employees to keep all your remote connections secure.
• Co-Pilot Scam: Use artificial intelligence to help your team detect scams and avoid threats while improving your cybersecurity skills.
• Exposure of business assets: Track important company information such as email, credit cards, and social media accounts. If any of this information is caught in a data breach, you will receive a notification. Once you’ve set it up, you can check if you, your employees, or your business have been part of any data breaches. You will learn about the breach, the service on which it occurred, and what kind of information was exposed (such as your email address or username).
• Easy to use: It features a simple dashboard that anyone can manage without the need for IT expertise.