The number of incidents involving compromised personal data increased significantly over the past decade. In 2022 alone, organizations reported having data compromised in almost two thousand instances in just the United States, impacting hundreds of millions of consumers. These incidents include data breaches, as well as unintentional data exposures and data leaks. Exposure of individuals’ personal information may result in identity theft and monetary losses to large groups of victims. Consequently, these events often result in class action lawsuits claiming economic damages from the unauthorized access or use of personal identifiable information (“PII”) and/or personal health information (“PHI”), and in some cases the mere possibility of access or use. However, attempts to reliably quantify economic harm on a class-wide basis present several issues when assessing the economic value of lost privacy. Our presentation will discuss some of these common analytical flaws.
Dr. Erica Greulich, Director, Secretariat Economists
Dr. Stuart Gurrea, Managing Director, Secretariat Economists
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