Reed Elsevier, parent company of Lexis Nexis and Seisint is reporting that 59 security breaches over two years have resulted in some 310,00 personal records being accessed by illegitimate parties. The incidents were discovered in an audit of the firm's data services that was prompted by the recent discovery of unauthorized access of 30,000 or so personal records at RE data brokering subsidiary, Seisint.

While identity theft related losses cost consumers, business and financial institutions some $5 billion in 2003 according to the FTC, Reed Elsevier contends "that the financial implications of the unauthorized use of its databases are 'expected to be manageable within the context of LexisNexis' overall growth.'"

Confidence. I like that.

The company is planning notificiations for all 310,000 individuals effected and is also planning to offer "free support services, including credit bureau, credit monitoring for one year and fraud insurance." Reed Elsevier also pointed out that thus far there have been no identity theft issues with the initial pool of 30,000 who had their information accessed.

-- MDT

Labels: identity theft