Page 84 - Cyber Defense eMagazine - November 2017

IDENTITY THEFT RISK MANAGEMENT AND CYBER-

SECURITY: CONNECTING THE DOTS

by Yan Ross, Director of Special Projects, Institute of Consumer Financial Education

. . . . . . .

In recent years, media coverage and public perception of identity theft risk management has
begun to be overshadowed by reports of cyber-security threats and responses. Large-scale
data breaches have grown as identity thieves and other abusers of sensitive information have
become more sophisticated and have used high-tech means to exploit weaknesses in hardware
and software applications.

In this context, cyber security is a relative latecomer, but it’s clear that IT solutions have taken a
central role in defending against cyber hackers. Where is this going? To respond, it’s
important to address the question “Why do hackers hack?”

“Why do I rob banks?

Because that’s where the money is!”

Willie Sutton

Repositories of big data are the new banks. There are principally three types of hackers, and
their exploits mirror those of garden-variety identity thieves.

1. Hacking for financial gain. This includes the sale of sensitive information, which may
sell for pennies (like Social Security numbers) or tens of dollars (like medical records
and insurance information, and many other elements of Personally Identifiable
Information (PII) for in-between prices.

84 Cyber Defense eMagazine – November 2017 Edition
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