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Identity theft occurs when a criminal uses stolen data to make purchases, apply for loans, or pretend to be someone else. Often, it isn't hackers who commit identity theft. Hackers steal information and then sell it to criminals who use the stolen
information to make fraudulent purchases. There is an entire underground economy in which identity thieves buy stolen credit card numbers for $10 to $20 a pop from hackers. Then they use this data to buy items such as iPads, because they are portable
and have a high resale value.
(If you're confused about the relationship between a breach and fraud, see "Data Breach vs. Identity Theft.”)