BLACKSBURG, Va., Oct. 5 -- Virginia Polytechnic Institute and State University issued the following news release:
Beyond the immediate headache for consumers impacted by a data breach, new Virginia Tech researchhas found they can also trigger years of financial repercussions such as mortgage refinancing and home improvement loan denials. Using data from the 2012 South Carolina Department of Revenue breach, Tony Vance, professor of business information technology in the Pamplin College of Business, discovered a 22 percent increase in loan denials following the incident by comparing border counties in South Carolina with neighboring counties in Georgia and North Carolina.
"The impact of data breaches is notoriously difficult to quantify bec...