Today, a significant amount of work is performed on computers. Because of the prevalence of technology, a lot of data can be obtained by gaining unauthorized access to important network machines, such as servers. Cyberciminals may also target individual Internet users, trying to acquire their personal information by the use of various methods. The gathered information can be used for identity theft, causing direct harm to the victim or an organization, with which they are associated. In this article we explain the nature of identity theft, examine different approaches used by cybercriminals and review a range of strategies for detecting and preventing this phenomenon. Additionally, we provide examples of two attacks: a phishing attack and an intrusion targeting an unsecured server within an organization's network. We conclude that the risk of data theft is often downplayed. An effective way of mitigating this threat is increasing the employees' knowledge about cyber security and using appropriate software and hardware measures.