Comment by pear01

Indeed, good point. Proper threat modeling is everything.

This also explains my original reply to the ancestor comment. As I see it, most people's personal threat model essentially already accounts for data breaches to the point that they are almost irrelevant. We hear about them all the time. More and more people are learning about credit freezes or 2fa or just getting these services baked into things they already use (more banks offer free credit monitoring, 2fa is increasingly a standard). It seems like we are in a place where data breaches just become essentially background noise to the average user.

In my view then, I would personally factor in physical theft as a higher threat than "phishing and data breaches". Even if low probability to begin with.

There is also the objective question of which occurs more or incurs more damages to individuals, the answer to which I do not know. I know companies often spend a lot of money to fix problems or deal with lawsuits, but individuals don't really get compensated by that the way they would if someone who ripped your phone away from you was tackled to the ground and your property got returned. For example.

As you say though, the threat model is everything.