The Value of Stolen Identification: How Does Information Valuation by the Legal System Impact Technology Costs?
What is a stolen life worth to the victim? Hundreds? Thousands? Millions? How much would a person pay to protect the details of his life? People who have information stolen from technological systems value that information differently from the companies who suffer the breach, and the companies value it differently from the financial institutions who ultimately pay for it. This stolen information has value, but what is it worth exactly? What is measured: the actual cost to the person; the perceived value to the person; the amount a person is willing to spend to protect the information; the actual cost to business; the actual cost to protect information; or the amount the loss of the information costs third parties? How has the value of information changed as technology has changed? Is technology adapting to keep pace with the change in the actual and perceived value of information? The widespread use of computers to store and transport information has increased the challenges associated with securing information from theft during the usage, storage, and communication of the information and has further challenged the legal valuation of that information. The valuation of personal information is imperative to measuring the risks and rewards of using technology.
Keywords: Valuation, Technology, Legal Systems
Associate Dean Linda F. Harrison
Associate Dean, Shepard Broad Law School, Nova Southeastern University
Christopher E. Everett
Associate, Intellectual Property, Proskauer Rose LLP