Black market data trading at an all-time high

According to a study commissioned by Experian, more than 110 million pieces of data have been bought and sold by cybercriminals so far in 2014. This is a 40 percent increase from the total amount traded last year and an unnerving 300 percent increase from 2012.

Login credentials compose the vast majority of illegally sold data, according to the study, as they become a gateway to all sorts of identity-related data, making compromised accounts susceptible to exponential amounts of fraud and theft.

While combating this overwhelming onslaught of crime “may seem like a mammoth task,” Peter Turner, managing director with Experian Consumer Services said in an email to SCMagazineUK.com, “companies are using ever more sophisticated technologies to detect and prevent fraud and if we all implement even the basics of online identity protection, we will together make it far more difficult for online criminals to succeed.”