Why Personal Data is More Valuable Than Gold? (2024)

Why personal data is more valuable than gold?

In my last post I spoke about “Personal data has more value than gold – so why give it away’. And it’s still my question, Why.

Have you ever wondered how much these credentials are sold for? One of the most valuable accounts we see on the dark web is crypto accounts. A hacked and verified Kraken account goes for $900, a hacked and verified Coinbase account goes for $700, while a hacked and verified Cex.io account costs $500.

To get stolen credit card details with an account balance up to $1,500 costs $250. Credit card details with an account balance up to $5,000 cost $350. A bank account with a minimum of $2,000 will only cost a cybercriminal $200 to obtain the login details. And stolen PayPal account details with a minimum of $1,000 also cost $200.

One of the most expensive item we see listed in dark web auctions are passports. The highest physical (Maltese) passports can fetch $7,000, while the lowest (Lithuanian) passports go for $2,000.

Companies have to understand that the world’s most valuable resource is no longer oil or gold, but data. Data has become the single most valuable commodity in the world. To fully understand this concept is to understand the value of data not always directly translated into money, however this does not make it any less valuable.

Data ranks highly in a company’s importance. It gives an edge and advantage which helps offer superior customer service, increased profits, discovering new markets and develop new products.

Information collected through your channels via apps, websites customer surveys etc and if properly shared can transform lives, be it health care, disaster management etc. However, like most commodities data will not run out. Data is a valuable growing renewable resource of the computer age and like all valuable natural resources, it must be managed and used with consideration and care.

Unfortunately in today’s digital age, due to the high worth of data has attract cybercriminals who are always on the lookout for new ways to obtain it. I have seen a massive increase on the dark web by cybercriminals obtaining personal information through auction sites. This mainly comprises of login information such as usernames and passwords obtained through phishing scams and malware attacks.

So I say again “Personal data has more value than gold - so why give it away?

Ian Ray (CEO)

Cyber Patrol

+44 (0)207 193 7487