The Government Accountability Office (GAO) has released a Report on Data Breaches that concludes while "breaches of sensitive information have occurred frequently and under widely varying circumstances, . . . the extent to which data breaches have resulted in identity theft is not well known." It further concludes that "should Congress choose to enact a federal notification requirement, use of a risk-based standard could avoid undue burden on organizations and unnecessary and counterproductive notifications of breaches that present little risk."
Some further higher education references in the report: