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Identity Theft: The Next Corporate Liability Wave?
Your phone rings. It's Special Agent Bert Ranta. The FBI is investigating a crime ring involved in widespread identity theft. It has led to millions of dollars of credit card and loan losses for lenders, and havoc in the lives of the 10,000 victims. By identifying links between the victims, the FBI has discovered where the personal data appear to have come from: your company. The victims are some of your customers.
Your mind begins to whirr. Are there other customers affected who haven't been identified yet? Is it a hacker or an inside job? Is your company also a victim here, or could it be on the wrong end of a class-action lawsuit?
You recall reading that each identity theft victim will on average spend $1495, excluding attorneys' fees, and 600 hours of their time to straighten out the mess, typically over the course of a couple of years. For out-of-pocket costs alone that is, say, $2000 per victim. Multiplying that by 10,000 customer victims equals $20 million. Adding as little as $15 per hour for the victims' time and you get $11,000 per case or $110 million in total even before fines and punitive damages are considered. And that's on top of the potential impact on your company's future sales.
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