Monday, January 30, 2006

How much is your identity worth?

In CNN's article:

http://money.cnn.com/2006/01/26/news/companies/
choicepoint.reut/index.htm?cnn=yes

ChoicePoint is settling for $15 million after losing 163,000 customers data. $10 million of it will go to fines and the other $5 will go to those affected. This means that each person identity is only worth a measly $30.67.

Granted CP lost much more money in the process through stocks and other fines but in the end the big loser is the clients whose information was lost. What about those 500 so cases of known identity theft from this loss? I am going to wager that they lost more than $30.

I think companies secure their systems and networks to prevent those fines from the government, but really the fines should go to pay those whose data was lost. If I was one of those 163,000 people I would have turned around and got new credit cards, new Social Security number and heck who knows even a new name. There is something wrong with this picture.

What do you think?

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