TransUnion Reports Data Breach Severity Jumped 31% in Q1 2024 — While Unveiling New Personalized Identity Threat Intelligence to Empower Consumers

Company’s enhanced identity threat intelligence technology recognized at FinovateSpring conference

CHICAGO, May 23, 2024 (GLOBE NEWSWIRE) -- The severity of data breach risks rose to the highest level in two years during the first quarter of 2024, increasing 31% from the same period last year. TransUnion (NYSE: TRU) unveiled its analysis of data breach trends today at the 2024 FinovateSpring conference where the company’s new identity threat intelligence offerings within its TruEmpower solution line were featured as one of the most exciting technologies with real-word applications.

TruEmpower’s enhanced BreachIQ capabilities use a proprietary AI algorithm for personalized identity risk assessment. The technology analyzes an individual’s comprehensive data breach history, generates a personalized dynamic risk score, and recommends clear and concise actions to protect against identity crime.

Personalized identity risk assessments are of particular importance as TransUnion’s proprietary Breach Risk Score (BRS) revealed the severity of data breaches climbed to 4.6 in Q1 2024, up from 3.5 in Q1 2023. The BRS is compiled by assigning a risk score for each data breach — driven by an AI algorithm analyzing more than 1,300 breach elements and their risks.

TransUnion’s algorithmic analysis showed the increased data breach risks were primarily due to the high level of Social Security number exposures — which occurred in 78% of all publicly reported breaches during the first quarter of 2024. That’s a significant rise from the same period in 2023 when Social Security numbers were exposed in 51% of breaches. This, coupled with high credit and debit card data exposures in 2024, increased the BRS to record levels.

“Our consumer research shows upwards of three in four Americans consistently express concerns over having their identities stolen. Yet, when surveyed, most admit not taking any action at all,” said Mike Doherty, senior vice president and head of TransUnion’s TruEmpower consumer solutions. “This inaction has long vexed financial institutions that generally bear the brunt of fraud-related losses. People are actually very motivated to take action — they just need a trusted source and personalized guidance for what to do.”