Are consumers actually affected by data breaches?

You hear about data breaches affecting "X million people" but I am curious, is the consumer actually affected by this in the end? Are the millions of people whose sensitive information may be compromised falling victim to identity theft or fraud in some form? This is the part I don't really hear about.

With how much info that may floating out there, I would think that people would suffer from this more often than you hear?

edit: my …

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