In case there was any doubt that identity theft remains one of the easiest and most lucrative ways to steal much more than an individual’s identity, consider these statistics:

According to the Identity Theft Research Center (ITRC) Annual Data Breach Report, 2023 had a record high number of data compromises in the U.S. in a single year. A 72 percentage point hike from the previous all-time high number of compromises set in 2021. At least 353 million individuals were impacted.

According to the FBI’s Internet Crime Report 2023, the bureau received 880,418 complaints of cyber-crime as reported by the public, a 10 percent increase from 2022. The potential total loss increased to $12.5 billion in 2023, up from $10.3 billion in 2022. California, Texas, and Florida had the highest number of cybercrime victims.

The Federal Trade Commission’s (FTC) Consumer Sentinel Network took in over 5.39 million reports in 2023, of which 48 percent were for fraud and 19 percent for identity theft. Credit card fraud accounted for 40.2 percent of identity thefts, followed by miscellaneous identity theft at 25.1 percent, which includes online shopping and payment account fraud, email and social media fraud, and other identity theft. Georgia, Florida, and Nevada had the most identity theft reports.

Cybersecurity tools exist to deflect and avoid falling victim to these attacks against your business and your employees.  Evergreen Insurance provides guidance to help establish safeguards against identity theft and other cybercrimes. Contact us today to learn more.

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Evergreen Insurance provides these updates for information only, and does not provide legal advice.  To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.