The illicit stolen data market
Rachel L. McNealey, Jin R. Lee · Edward Elgar Publishing eBooks · 2023
Advancements in digital technology have significantly changed the way private personal data (e.g., identity documents, financial information) are used and accessed. In fact, the proliferation of the Internet has given rise to online financial portals that make engaging in commerce more efficient and convenient for all those involved. Despite its enhanced accessibility, the decentralization of private personal data into online spaces has engendered numerous opportunities for offenders to access, steal, and abuse such sensitive data. The growing nature of the threat is evident from recent high-profile data breaches and computer hacking attacks against both public and private organizations. Though estimates of monetary harm vary across different studies, most reports estimate the damage caused by data breaches to be in the millions of dollars. The accessibility of private personal data and its high economic value has led to the emergence of online stolen data markets, which are hosted on both the Open and Dark Web. Understanding the scope of these markets and the nature of their market participants are important as they could assist law enforcement devise effective intervention strategies targeted at disrupting the online illicit marketplace. The aim of this chapter is to provide a general overview of the online stolen data marketplace, including the scope of these markets, the types of products sold, and the nature of its market participants. The chapter will end with a discussion on the implications of the online stolen data marketplace, including policy recommendations designed to mitigate the damage caused by these online market actors.