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Cost Benefit Analysis of Consumer ID Theft Notification

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Press release from the Progress & Freedom Foundation: “Notification Doesn’t Benefit Consumers: State and Federal lawmakers should proceed with caution when considering notification legislation addressing the perceived growth of data security breaches, according to a new paper released by The Progress & Freedom Foundation. An Economic Analysis of Notification Requirements for Data Security Breaches (19 pages, PDF), authored by Senior Fellow and VP for Research Thomas Lenard and Adjunct Fellow Paul Rubin, finds the costs of such notifications to businesses and consumers are likely to be substantially higher than the benefits.”
Related references:

  • Break-in costs ChoicePoint millions
  • Press release from ChoicePoint, July 20, 2005: “In the second quarter of 2005, the Company recorded a pre-tax charge of $6.0 million…for specific legal expenses and other professional fees related to the fraudulent data access previously disclosed in our prior public filings.”

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