Did OPM offer too much ID theft insurance to breach victims

Nicole Ogrysko reports:

The Office of Personnel Management may have paid too much for identity theft and credit monitoring services for victims of the two 2015 cyber breaches.

The Government Accountability Office questioned whether the requirement that OPM provide victims of the 2015 breaches with no less than $5 million in identity theft insurance for at least 10 years is too much.

“Many identity theft service providers with whom we spoke acknowledged that identity theft insurance is of limited value to a consumer and that it was hard to imagine covered losses approaching the $1 million limit,” GAO said in a recent report. “Nearly all the providers with whom we spoke said it was not necessary to increase the insurance coverage beyond $1 million.”

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