Dec. 13, 2022, midnight |

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It is common to hear news reports about large data breaches, but what happens once your personal data is stolen? Our research shows that, like most legal commodities, stolen data products flow through a supply chain consisting of producers, wholesalers, and consumers. But this supply chain involves the interconnection of multiple criminal organizations operating in illicit underground marketplaces.

The stolen data supply chain begins with producers—hackers who exploit vulnerable systems and steal sensitive information such as credit card numbers, bank …

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