A previous version of this working paper was originally published in March 2017. Supersedes Working Paper 15-42 - Out of Sight, Out of Mind: Consumer Reaction to News on Data Breaches and Identity Theft.
They find that some consumers directly exposed to the breach protected themselves against potential losses from future fraudulent use of stolen information by monitoring their files and freezing access to their credit reports. However, these consumers continued their regular use of existing credit cards and did not switch lenders. The response of consumers exposed to the news about the breach only was negligible.