Data Breaches and Cybersecurity Incidents: What You Need to Know
Data breaches and cybersecurity incidents pose a significant risk to businesses across all scales. According to the Aon Center for Strategic and International Studies in 2015, the global economy incurred an annual cost of US$445 billion due to cybercrime. Furthermore, Cybersecurity Ventures predicts that global cybercrime will escalate to 10.5 trillion USD by 2025, surpassing their previous estimate of 3 trillion USD in 2015. Regardless of the specific figure, it is evident that we are dealing with substantial sums. In the European Union, the General Data Protection Regulation (GDPR) and the Network and Information Security (NIS) Directive are two crucial legislative acts that enforce substantial penalties on organizations that neglect to adopt suitable security measures or neglect to inform the competent authorities about a data breach or cybersecurity incident. Key Facts Implications for Businesses Cyber Liability Insurance I have previously provided a more comprehensive analysis of cyber insurance and its escalating expenses. However, businesses can effectively manage the financial and reputational hazards linked to data breaches and cybersecurity incidents through the utilization of cyber liability insurance. This type of insurance encompasses various expenses, such as: Conclusion Data breaches and cybersecurity incidents pose a significant danger to businesses, regardless of their size. To mitigate this risk, businesses should adhere to the GDPR and NIS Directive, monitor their vendor risks and internal cyber risks through automated and continuous monitoring, establish automatic alerts for risk detection (our assistance is available), and consider acquiring cyber liability insurance. These measures enable businesses to safeguard themselves against potential fines and other associated risks. | Source: https://www.linkedin.com/pulse/data-breaches-cybersecurity-incidents-what-you-need-stueflotten-mba?utm_source=share&utm_medium=member_ios&utm_campaign=share_via |
The Price of Privacy: Can A Data Breach Cause A Lawsuit?
The modern world depends on digital databases, and when you give your sensitive data to places like hospitals, stores, and financial institutions, you expect they will protect your digital information seriously and responsibly. Nevertheless, cyberattacks and data breaches to such databases can expose your vulnerable data and put you at risk of personal and financial damages. Have you recently experience losses due to a data breach? Lucky for you because you can claim compensation from the organization liable for the breach through a lawsuit. What’s a data breach, by the way? Every time you sign up with a new bank, make an online purchase or even go to your dentist, the entity or company enters your data into a database to benefit the client and user experience. Data breaches occur when a hacker finds a method to exploit vulnerable areas within the database to decode the security measures protecting your information. Hence, hackers could have access to your Social Security numbers, credit card details, emails, and other important personal info you like to keep confidential. Data breaches normally happen for one of two reasons. A hacker might exploit an organization’s database for personal benefit. They may like to sell the information to make money or utilize the accessible financial data to make purchases. Or, a hacker may like to cause a problem for the organization and its users. For instance, the infamous Ashley Madison hack in 2015 exploited its users’ data and email addresses. Since the dating site was catering to individuals who liked to have extramarital affairs, the data breach caused massive damage to the organization’s reputation. It ruined the personal lives and image of its users. Potential damages in a data breach lawsuit The website or company where the data breach happened might not be liable for the breach itself, and filing a lawsuit against the hacker might not be your best choice. If you’ve suffered damages, you can attempt to hold the breached organization accountable for the failure to keep your sensitive information safe and the trouble that the breach caused. You can claim substantial compensation through a data breach lawsuit, depending on the type of breach you’re a victim of and the damages you experienced. Working with a consumer protection lawyer can help you identify the damages you can justify legally, which may involve the following: Emotional damage connected with the breach, like damage to reputation, damage to credit, emotional distress, and invasion of privacy The cost of credit reports and credit insurance Service charges for tracking and safeguarding your data after the breach The cost of fixing data damaged by the breach The cost of changing your debit and credit cards Any out-of-pocket expenses you shell out because of the breach Are you a victim of a data breach? Then it’s possible to gather info through a lawsuit against the organization liable for putting your data at risk. Contact a data breach lawyer immediately to talk about your legal options once you’ve taken reasonable actions to lower the breach’s effect.
Privacy and Remote Surveillance: Can We Trust Systems to Protect Who Is Watching Us?
Is your security camera safe? With more security devices linked to networks and systems, they are also exposed to different network-based hacks and attacks. Privacy today experiences increasing threats from a rising surveillance apparatus that is justified in national security. Different government agencies—the Department of Homeland Security, the Federal Bureau of Investigation, the National Security Agency, and other local and state law agencies—intrude upon private communications of innocent people, collect massive databases of who we call and when, and list suspicious activities based on the most unclear standards. When Surveillance Becomes a Problem In the newest iteration, at least 150,000 security cams installed in factories, hospitals, businesses, and schools were compromised, offering outsiders access to video from psychiatric hospitals, prisons, Tesla factories and so much more. Hackers claim to have breached surveillance agency Verkada that delivered a statement telling they’re studying the scope and scale of the case and that they notified the law enforcement. Apparently, the attack was not sophisticated, using a privileged administrator account to access the system. According to a Verkada spokesperson, every internal administrator account has been disabled throughout the investigation to avoid unauthorized access. Some of the cameras breached utilized facial recognition technology and analytics to determine and distinguish video footage people. Further, the hackers claimed they have had access to the complete video archive of every Verkada customer—which involves audio, archived video, and live feeds. Tillie Kottman, one of the assumed hackers, told Bloomberg that the international hacker collective had planned to present the universality of video surveillance and effortlessness. It could be compromised—particularly when devices are linked as part of the IoT. The Privacy Problems of Security Cameras Unluckily, security cameras cannot track selectively. Anybody stepping into the monitored space will be caught on the camera and watched until they leave. When the recorded footage is saved, that could be used against anybody when the occasion comes. Here’s a random situation showing to what level this could go: The surveillance team could blackmail a cheating husband walking down the block with his lover. A camera could record an innocent stranger passing by down the street when the incident occurred in a nearby location. That person might not have anything to do with the incident, but he could become a suspect as he’s the only person caught on the surveillance at the time. Are Security Cameras an Invasion of People’s Privacy? You will find numerous grey areas about surveillance technology. The general guideline is to use them where it’s useful for security purposes. Do you plan to stalk people or control staff from afar to boost security? Surveillance could spiral out of control. But to avoid surveillance breach here’s the thing you can do: Execute multifactor authentication on accounts, stopping threat factors from logging in Track IOCs, like impossible travel Use the principle of least privilege, limiting the scope of damages in the event of a breach Making sure privileged accounts are only few Companies can also lower the risk by performing careful vendor risk evaluations before buying in.
Pay or Die: The Life-Threatening Cyber Attacks of The Healthcare Industry
For the past years, the healthcare sector has been a major target for cybercriminals. Did you know that healthcare data breaches exploit highly sensitive data, from personally identifiable information like names, addresses, Social Security numbers to sensitive health information like patients’ medical histories, health insurance info, and Medicaid ID numbers? The reasons behind cyber-attacks on healthcare organizations are evident: health insurance companies, pharmacies, urgent care clinics, hospitals, and other healthcare providers keep archives of valuable data. These are juicy details that can be utilized for identity theft than any other industry. Further, the healthcare sector is widely recognized as having weak security. In fact, a recent report discovered that healthcare ranked 9th out of all sectors when it comes to the overall security rating. Cyberattack on Finnish Healthcare Thousands of psychotherapy patients in Finland reported receiving extortion notes from hackers. The alleged hackers had breached Vastaamo, a private healthcare company. They stole important treatment records during such attacks involving recordings of doctor-patient sessions. Extorting clients is an unprecedented way for hackers. Normally, they request ransom from the company from which they have stolen sensitive information. When the healthcare company refused, the hackers sought out the patients themselves. The cyberattack against the company clarifies that the healthcare sector is more prone to cyberattacks than any other industry. What Makes the Healthcare Sector More Vulnerable than Ever? It’s assumed that the first cyberattack incident on Vastaamo’s healthcare facilities occurred in 2018. The information is now being leaked or used for patient’s extortion. You will also find reasons why healthcare information is more significant to cybercriminals than credit cards or Social Security numbers. That’s because the data’s owners are in a more vulnerable position. It is not only their credit score or money which is at risk—it’s their peace of mind, their health. That it is their more intimate privacy, that’s something they could never get back when it leaks out to the public. Hence, the healthcare sector must keep their data safe and take security much seriously. Further, patient data is not the only thing that is a huge risk. Important patients and devices like surgical robots, pacemakers, and ventilators are connected as well. That suggests they are under threat as well. Hospitals today are being sabotaged without even knowing. How to Prevent Cyberattacks on the Healthcare Industry? The initial step to any cybersecurity resilience plan is to keep in mind the holy trinity of cybersecurity: Technology Processes People Healthcare facilities should invest in the proper technology to keep their private data safe. These technologies include spam-filters and antivirus software. That also indicates upgrading to a software that is regularly patched. Healthcare facilities must train their staff to use the internet and email safely and make a powerful security culture among their staff. Ultimately, there must be processes in place which help keep data safe. Rules which apply to everyone and strategies on how to respond should a security breach take place.
Security During Covid: Is Your Startup Vulnerable To Cyber Attacks?
A lot of personal information, including your leaked, attacks on the power grid, cyber attacks, and credit card information breached. The pandemic has made new challenges for startups as they settle into a working model wherein work-at-home turns out to be the new normal. Startups are stepping up their online transformation, and now cybersecurity is a major issue. The operational, legal, reputational, as well as compliance insinuations could be significant if cybersecurity threats are taken for granted. Cyber attacks on the biggest startups took the world of business by storm during COVID-19. 50Mn records were stolen. While many of these occurrences made headlines all over the world, many small-scale cyber attacks stay unreported. A lot of viruses and malware infecting sites went unreported simply because they aren’t renowned. While these cyber attacks were massive, the response to the incident was commendable by startups; they issued significant public reports and explained what happened and what procedures they were taking to address this issue. Though the concept must be to make sure that such occurrences never occur in the first place or even though they do, they must be of a level much smaller. This is possible with constant security audits, early detection of threats, and real-time security. How to Increase Startups Cybersecurity Startups must implement vital cyber hygiene protocols such as: Antivirus Security: Workers must be given a permit to malware and antivirus apps for usage on their computers and laptops. Even if this doesn’t provide failsafe security, it gets rid of lots of low-level breaches. Cybersecurity Awareness: Workers must be briefed on the most excellent procedures and protocols to regulate email sending or other content to exclusive email addresses or cloud storage. Determine Weak Spots: All information technology systems have shortcomings. Businesses must conduct tests to determine them and pact the critical susceptibilities when possible. This can take the type of susceptibility scanning or diverse kind of penetrating assessing exercises. What is more, the hardening of parts of the technical infrastructure must be done. Often Reviews: Firms must regularly assess cybersecurity threat exposure and know if existing controls are strong enough. Any new types of attack which have appeared in the past must be regarded during the reviews. Use New Tools and Technology: Startups can utilize state-of-the-art tools like host checking to check the security posture of endpoints prior to granting access to business information systems to strengthen the security of working at home. Conclusion Keeping their business safe during this time is on the program of many startups but should maybe be given lots of time and attention because of the rising risks during COVID-19. In the middle of the second wave of the virus and issues concerning the possible third wave, startups must be proactive in solving the risks and plan methods of avoiding successful cyber attacks instead of responding once they happen. On the other hand, even if prevention techniques are vital, there are also needs for detection, response, and recovery capabilities. This international health crisis has taught people that preparation is vital to limiting the threats associated with cyberattacks. The capability of quickly reacting to unwanted events helps a lot in reducing the effect of cyberattacks.
The Growing Vulnerability Of Remote Working In Our Post-Pandemic World
Fifty-six percent of workers utilize their desktops or personal computers as their corporations go remote due to the COVID-19 pandemic. What is more, almost 25 percent of workers working from home are not aware of what security procedures are in place on their tools. Over 1 in 4 workers often have or more problems with spotting the internet, restricting the efficacy of antivirus. Anti-Virus and Non-Hardened Devices Today’s workforce is dependent on non-hardened work tools and at-home internet networks, and with no dependable connectivity, they might not be acquiring the security they need. Detection tools and antivirus need a continuous network connection to keep efficient at obstructing attacks. Endpoint devices like non-gardened computers can also cause a considerable threat to the security of the enterprise network. According to the current research, the average expense of a successful assault was USD8.9 million in 2019. What is more, attacks surface has expanded during the health emergency through employee dependence on collaboration programs? This tool is gradually more in the crosshairs of nasty parties and has less than enough patching procedures. Vulnerabilities have pushed businesses to ban worker use of such programs to lessen the threat of sophisticated breaks. Researchers have found one such fault in the Zoom app in April, which allowed risk actors to record Zoom meetings without the participants’ knowledge. The Risk of Apps Used When Working at Home Offending applications were being downloaded and installed by remoter employees themselves. There are a massive number of applications claiming to provide collaboration functionality, even if, in reality, they were intended to steal important information like trick users into giving access to microphone and camera or messaging content, thus allowing remote attackers to eavesdrop. Even if 62 percent of WFH workers rate their information technology department’s replies to a pandemic is above the standard. In contrast, a third of workers rate the response as below or average. Now the job of information technology experts is to improve distributed personnel cybersecurity as work from home keeps on in the coming years. A lot of businesses have witnessed gains in productivity during a remote work, and many big companies have already proclaimed more lasting WFH adoption. So, just as IT leaders and experts are re-examining what devices are ideal for remote efficiency and output, they should reassess which factors of the cybersecurity stacks improve remote trade continuity. Securing work from home workers is proving to be a big challenge for IT teams, who are now also working at home, making the task even harder. On the other hand, engaging with work-at-home workers to give suggestions on how to work securely and safely can go a long way to keep them and the broader organization- safe and sound from attacks; something will be good for all in due course. Engaging with work-at-home employees on the sign-in procedures and protocols they must apply and use, the occurrence reporting they must follow, and the apps granted for work will assist all and sundry to their job to keep the company and its assets safe and sound.
Are You Vulnerable? Shocking Cyberattack Statistics Every Digital User Should Know About
Everyone must determine what the existing information cybersecurity and security industry look like. With this in mind, we have brought to you some of the most shocking and alarming cyberattack stats to offer you an idea of the number of cyberattacks happening globally. 80% of mobile fraud is being performed through mobile applications Did you know that some of the most sought-after mobile app categories accountable for the increase in mobile cyberattacks are games (18.97%) and personalization or tools (22.32%)? Others are composed of media players (9.23%), communications (9.72%), and shopping/entertainment (15.76%). Reports also found out that 83% of companies claim that their company was at risk of mobile threats. Stats on how many cyberattacks take place every day go further to inform you that mobile fraud has risen by over 600% between 2015 and 2020. Cyberattacks cost could increase to six trillion dollars by the end of 2021 In 2015, the annual cost of a cyberattack was set at three trillion dollars, according to cyber attacks on businesses statistics. In 2019, the average cost of cyberattacks was set at 3.92 million dollars, and the average cost per second stolen was $141. Nevertheless, in nations like the United States, the standard cost of a single record leaps to at least $225. China is the biggest source of all DDoS attacks you will find on the web In 2018, 4.5 million of every DDoS attack globally came from China. You see, stats of cyberattacks in the globe go further to tell you that Russia and the United States had 1.5 million and 2.7 million, accordingly. China had a 62.97% and 58.46% share of the overall global DDoS attacks in the third and fourth quarter of 2019. Globally, mobile network, cloud, IoT devices, and the IT sector suffered from more than 8.4 million DDoS attacks in 2019 When we talk about DDoS attacks, the telecommunications sector stays as the most hit industries. Remember that a direct DDoS attack on a telecommunication company can lower network capacity, degrade operational performance, boost traffic exchange cost, interrupt service accessibility, and often bring down internet access. The number of DDoS attacks in 2019 raised by 180% compared to last year, with over two-thirds of those attacks directed at the telecommunications sector. The prices of share fall 7.27% on average after a cyber breach The lowest point takes place up to fourteen market days after a breach. Payment and finance firms saw the biggest drop in share performance after a breach. 350,000 new malware pieces are produced every day In case you didn’t know, a hundred thousand new malware are being made regularly that ranges from spyware, Trojans, adware, and viruses, among others. Their goal is to steal your data. 86% of every data breach is financially encouraged Based on a cyberattacks statistics, that is up from 71% documented in 2018. Nearly all hacks nowadays are financially encouraged, from stealing people’s bank account details to social security numbers, down to ransomware attacks. Only a few are performed because of grudges and other reasons. In 2019, it cost firms an average of $3.92 million to resolve a data breach For countries like the United States, a data breach’s standard price can reach approximately $8.2 million. On the other hand, organizations such as Equifax have shelled at least $2 billion resolving a data breach in its database in 2017. That offered cyber offenders the access to steal millions of customer information. 60% of malicious domains available online relate to spam campaigns Between March 9 and April 6, 2020, more than three hundred thousand COVID-19 keyword-related malicious domains were registered on the World Wide Web. Hackers globally are on the lookout for new ways to extort their victims. Web spamming is one of the common tactics they use. This scenario is when a website owner tries to outsmart Google in a bit to get their malicious websites ranked high in the SERP for increased traffic. Statistics on cyberattacks show that hidden text, cloaking, content stuffing, and keyword stuffing were the most utilized web-spamming tactics by hackers. Their strategies have moved up a notch these days because of the innovations in search engine algorithms. Such malicious sites adopt attempts such as overly Linky footers and low-quality guest posting to bypass Google rankings. Ransomware attacks increased with a 363% YoY growth in Q2 in 2019 Did you know that $11.5 billion was the overall cost of ransomware attacks globally as of 2019? The raised frequency of these attacks now guarantees there’s a ransomware attack somewhere online every fourteen seconds. In 2020, twenty-seven percent of every malware accident now included ransomware. That’s up from the twenty-four percent documented in 2019. Human comprehension and intelligence are the ideal protection against phishing attacks Thwarting phishing attacks comes down to user understanding and user behavior. It’s considered the ideal way to safeguard a business against some of the typical hacking tactics. The US FBI documented a 300% rise in reported cybercrimes since the coronavirus As if the COVID-19 was not frightening enough, cyber hackers leveraged the chance to attack vulnerable networks as office work shifted to personal homes. The US FBI documented 12,377 covid-related scams as of this summer. 95% of cybersecurity breaches are because of human error Cyber hackers and criminals will infiltrate your organization through your weakest link, nearly never in the IT department. Over 77% of companies don’t have a cybersecurity incident response plan Fifty-four percent of organizations found out they have encountered one or more attacks within the last twelve months. 9.7 million healthcare records were jeopardized in September 2020 alone Eighty-three breaches were connected to IT or hacking incidents, and 9,662820 records were exposed. There’s no doubt that the cybersecurity sector is quickly growing each day. However, the sector’s nature still has a long way to go before catching up with these threats. That’s especially true even though more resources are being used to fight cyberattacks.
Know the Difference: Data Privacy, Protection, and Security
One thing is for sure: data privacy, data protection, and data security all play an important role in keeping sensitive information safe. However, did you know each of them have their unique characteristics and goals? For companies collecting or handling data, privacy, security, and protection of that data should be taken seriously. They are major concerns when undertaking safeguarding sensitive data like health records, finances, and identities. Without them, cybercriminals and hackers would have access to massive amounts of potentially damaging data. Nevertheless, not everybody understands or recognizes the difference between data privacy, data protection, and data security. Hence, the terms are often utilized improperly and confused at the same time. So, what are data privacy, data protection, and data security? The Definitions Even though these terms are often used interchangeably, you will find key differences among these three. What is Data Privacy? Data privacy is determined as the proper use of data. When merchants or organizations use information or data given or entrusted to them, the data must be used according to the agreed uses. The Federal Trade Commission imposes penalties against organizations that have negated to guarantee the privacy of customers’ data. There are cases when organizations have rented, disclosed, or rented volumes of the consumer data entrusted to them to other parties without getting prior consent. Failing to consider data privacy could have a bad consequence on a business’ reputation. Two of three organizations say they experience sales delays due to data privacy issues from customers. Data privacy laws determine a privacy violation as the unauthorized access or retrieval of data related to an individual. A basic data privacy policy typically creates the type of data a concerned party gathers, how they use it, whether that data is shared with other parties, or how long they want to keep the gathered data. What is Data Protection? Data protection is how a business or person protects their data. It concentrates on keeping the data assets safe from any unauthorized malicious use. Data protection is composed of technical measures and methods that guarantee the confidentiality and integrity of data. What is Data Security? Meanwhile, data security is often referred to as the integrity, accessibility, and confidentiality of data. In short, it is all the processes and practices in place to make sure data is not being accessed or used by unauthorized parties or people. Data security guarantees the data is reliable and precise and is accessible when those with authorized access need it. Remember that a data security plan is composed of facets like gathering only the needed data, keeping it safe, and destroying any data that is no longer required. Such steps will help any organization meet the legal duties of owning sensitive data. Major Differences You will find a certain degree of overlap between data privacy, data protection, and data security. However, there are also major differences between them as well. Data Privacy vs. Data Protection Data protection is all about protecting data against unauthorized access. You see, data privacy is all about authorized access—the person who has it and defines it. One way to look at it is this: data protection is a technical concern while data privacy is legal. Such differences matter as they are made deeply into the overarching concerns of cybersecurity and privacy, both of which loom big in culture, politics, and businesses. For sectors subject to compliance standards, they will find vital legal implications connected with privacy laws and ensure data protection might not adhere to each needed compliance standard. Data Security vs. Data Privacy The ideal way to understand the distinction between data security and data privacy is to consider the mechanisms utilized in data privacy versus the security policy governing how data is collected, managed, and stored. You see, enterprise security data could be robust and efficient. However, the methods by which that data was collected, stored, and distributed may violate the privacy policy. For instance, a company might make sure that sensitive data is masked, encrypted, and properly limited to authorized access only. However, if it gathers the data incorrectly, like failing to get informed approval from the owner before the data collection, data privacy requirements have been violated, although data security stays not breached. Data Protection vs. Data Security The differentiation is based on the other sense of data protection that concentrates on keeping the data safe for access. In that context, data security concentrates on keeping the data safe from any form of wicked exploitation. Meanwhile, data protection could be associated to keeping the data safe so it stays accessible. Data security handles the database protection from any actions or forces, which can be harmful to the database. It’s securing the data from the availability of unauthorized users. Data protection can be utilized in two contexts. It could be utilized like data security, where it’s safeguarding the data from being accessed by unauthorized users. Further, data protection might also be used for safeguarding the data from the authorized user’s viewpoint, allowing the data to be accessed easily later. Bottom Line To sum up, while data security, data protection, and data privacy are interconnected, you will find different ways to address both. As a reminder, data privacy complies with federal and local laws within and outside the industry to guarantee the data you are collecting and the processes behind collecting and what you do with that data is following the law. Data security concentrates on the technology and tools needed to dissuade cybercriminals from getting their hands on the data. Ultimately, data protection is privacy and security combined. All three are incredibly crucial. Now that you understood the definition and differences of these three, you can better grasp why you should protect sensitive data. Remember that keeping confidential data safe from illegal or unauthorized use means paying attention to data protection, data privacy, and data security. We hope this article helped you point in the right direction. What are your thoughts about this post? 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BIG DATA BREACHES: Why Cybersecurity is the Key to Data Protection
In the modern age of digitalization, data protection is integral for every organization. In 2020, people witnessed that if data protection isn’t done right, companies will experience massive impacts in ransomware, phishing, hacking, and more. Unluckily, this dangerous trend isn’t going to stop but will stay for a longer time. Considering the value of cybersecurity, the good thing is that many organizations have started to take precautionary measures. For instance, they use cybersecurity tools such as VPNs to help them safeguard their customers’ data. That way, they can also protect their employees’ digital footprints working remotely from anywhere. Further, they can avoid different cyber risks proactively. The Importance of Data Protection Whether big or small, organizations and companies can’t flourish without protecting their vital business data these days. The following are the three major reasons why organizations should safeguard their business data accordingly. Protect against data breaches and other problems Did you know that data protection strategies enable companies to protect themselves from different concerns? That includes legal problems related to breaches, damaged brand reputation, loss of public trust, impact on future growth in terms of expansions and profits, and financial costs, among other problems. Avoid unauthorized access Imagine if companies can protect their resources such as laptops, computers, and other smart devices? They can easily keep several notorious elements at bay online. What’s more, they must safeguard their other sensitive assets such as personally identifiable information of their staff, official websites, and more, accordingly. Thus, hackers and other cyber goons can’t access such essential info, and organizations can work based on their long-term vision or goals without any problem. Guarantee business continuity There’s no doubt that business continuity is massively reliant on data protection. Organizations using security measures like advanced security tools like email encryption, update of corporate device security-wise, and data backup allows them to easily secure their core business functions and continue doing their regular operations in the most efficient and right way. In short, data has become a lifeline for companies. Without protecting it properly, they can’t grow in the future efficiently and successfully. Which Information Must be Protected? Organizations typically store various information connected to their customers, such as customer details. These details normally include personal data like contact number, email address, bank account number, and more. They need to safeguard their patrons’ valuable data, so they don’t need to deal with online frauds like identity theft, phishing scams, and more. Below is the list that comprises common data businesses store in their databases: Name Financial data like credit card details, account number, and bank name Email address Residential address Other miscellaneous data What Organizations Can Do to Fulfill their Role with Data Protection? Various data protection laws such as CCPA, LGPD, GDPR, and more have compelled companies and businesses to give utmost importance to their clients’ data a much as they can. Nonetheless, they can still take various cybersecurity measures to safeguard their customers’ data. Some of these steps are as follows: Consider cybersecurity as a long-term activity Businesses must not think of cybersecurity as only a one-time activity. As an alternative, they must ready themselves to come across different cybersecurity problems such as ransomware, phishing attacks, data theft, and so much more. Cyber problems aside, they could lose a substantial amount of money if they keep doing cybersecurity occasionally. Update every official device regularly Keep in mind that there’s no damage if companies update their devices like laptops, desktops, and other smart devices as and when needed. This will help businesses keep their official resources safe and safeguard them from various cyber threats. Enhance endpoint security business-wide In case you didn’t know, endpoint security is a procedure by which organizations can safeguard endpoints of their official devices like tablets, laptops, and desktops from the prying eyes of scammers, hackers, and other cybercriminals. Remember that this activity must be done throughout the company and without any judgment. Offer essential cybersecurity to every employee For employers out there, you are supposed to train your staff when it comes to cybersecurity. You can ask your IT department to play its role diligently. This specific department must help your employees utilize encryption software to prevent their laptops, computers, and other devices from being hacked, malware, privacy invasion, and other risks. How Can Big Data Help? Cybersecurity requires the actionable intelligence and risk management that is common for big data analysis. It’s good to have tools that can assess data. However, the solution is to automate tasks so the data is accessible fast and the analysis is delivered to the right people at the right time. That will enable an analysis to categorize and group cyber threats without the lengthy delays that could make data irrelevant to the cyber threat or attack at hand. You see, big data will help analysts to envisage cyberattacks by taking the complexity from different data sources and streamlining the patterns into visualizations. Using the data in its raw format enables disparate data to be helpful not just with what’s taking place but also with historical data. The historical data enables businesses to make statistical baselines to determine what’s considered normal. They will then identify when the data deviates from the norm. Often, it is simple to miss indicators if they’re given in real-time. Nonetheless, they may have new definitions when they’re viewed over time. That historical data can also produce new opportunities for machine learning, statistical models, and predictive models, enabling the ability to foresee future events. Final Thoughts Data protection is crucial when we talk about expanding businesses online. Business leaders can’t underestimate the importance of cybersecurity at any cost. That’s because consumers prefer to purchase products and services from organizations committed to data protection. In a nutshell, data protection has become the need of the hour. Otherwise, organizations won’t grow or achieve success in the future. What are your thoughts about this post? 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The End of Privacy: The Most Damaging Privacy Leaks of the 21st Century
Data is transforming to one of the most important assets in the digital realm. The tech giants monopolizing data are considered the most powerful organizations on the planet. Nonetheless, they are often becoming vulnerable to a data breach epidemic despite the overflowing value of data monitored by such entities. A data breach is an information security breach where personal data is exposed publicly without approval. When giant firms such as Yahoo and Facebook have gotten comprehensive attention for the outcome of a data breach, small companies are no escape. Take note that data breaches can impact businesses of all sizes in many different ways. They are challenging to determine, expensive to address, and can cause massive reputational damage that some enterprises never recover. Nevertheless, the only thing organizations can do in such scenarios is to mitigate the consequences of a breach to execute a detailed risk management practice for a recognition, restraint, and communication in the aftermath of a data breach. Below is the list of the well-known and biggest data breaches in the 21st century. FriendFinder Networks Data Breach Occurred in October 2016 and affected 400 million accounts This company suffered one of the major and most damaging data breaches in history in 2016. FriendFinder Network Inc. jeopardized 400 million accounts, with most of them coming from AdultFriendFinder.com. Did you know that every database involved in the breach is composed of usernames, email addresses, and passwords kept in plain text? Marriott International Data Breach Occurred in September 2018 and affected 500 million guest records. On September 8, 2018, a security tool flagged a suspicious effort to access a guest reservation database for Marriott’s Starwood brands. It was found out that the Starwood network was compromised in 2014 when the international corporation started an investigation. The data breach happened when it was still a separate company before merging with Marriott. In 2016, Marriott acquired Starwood but failed to incorporate the firm with its reservation system. Starwood was still utilizing its preceding IT infrastructure, which resulted to an attack. The record of five hundred million guests was washed out from the Starwood systems by the hacker. The cybercriminals utilized Trojan Horse software to access the accounts Facebook Data Breach Occurred in September 2019 and affected 400 million users This is one of the recent data breaches of today. The giant social media platform, Facebook, reported a series of security breaches in the past. Nevertheless, the data breaches that happened in 2019 were big. The company disclosed that millions of Instagram passwords had been kept online in plain text. After that, other problems, such as technical flaws allowing kids to chat with strangers online, undiscovered to their parents. News emerged of a data leak in September 2019 that uncovered the phone numbers of at least 400 million Facebook users. That database comprises records throughout numerous geographic locations, consistent with 133 million Facebook users in America, 50 million in Vietnam, and 18 million in the United Kingdom. The database in question was discovered to be unsecured by password or any form of encryption. Anyone searching the web could find and access that data. First Americans Financial Corporation Data Breach Occurred in May 2019 and affected 885 million users American journalist Brian Krebs reported the big data breach of financial records from the company in 2019. The breach leak digitalized documents which go back to 2013. A few of the most important data stolen during the incident were drivers’ license images, wire transaction receipts, social security numbers, mortgage and tax records, bank statements, and bank account numbers. What’s more, the breach was started from an authentication mistake. No verification was needed to access the files that make them accessible to anyone with a browser. Any individual with the link can access data, and with a change of one digit, it was simple to find other documents with the same URLs. The company encountered a common web designer error referred to as Direct Object Reference (IDOR). A web page with sensitive data is made so a certain party will only view it. Nonetheless, the table turned as there’s no other way to determine the person seeing it. Anybody who types the link could easily and directly access the web browser. Cybercriminals and hackers used Advanced Persistent Bots (APBs) to gather and index the remaining documents. This data breach proved that companies could not massively depend on unique links to protect data. As an alternative, documents must be safeguarded with passwords and multi-factor authentication. Yahoo Data Breach Occurred in October 2017 and affected three billion accounts Yahoo suffered the biggest and most detrimental breach in history in 2013. However, it took another 3-4 years to find the accident. The Chief Intelligence Officer of InfoArmor, Andrew Komarov, discovered the data breach when he’s assisting the firm in responding to another data attack in 2016. He unraveled hints of the 2013 breach while trying to take down the stolen information. He observed a dark web seller providing close to $300,000 for a list of over a billion Yahoo accounts in August 2015. Yahoo experienced a hot in its income when it went public along with the massive data breach. The organization alerted its users to reset all their passwords and restart their security questions. News of the breach declined Yahoo’s value by $350 million, not to mention the stock price drop by three percent. The security breach led the company to long-term effects. What’s more, the company ran into different civil and regulatory complainants, as it failed to disclose the breach timely. It is expected that most of their post-breach injuries could have been prevented had it been assessed and revealed the breach sooner. There you have it! These are the top five of the biggest and most damaging data breaches in the 21st century. What are your thoughts about this post? Share your insights with us by leaving your comments below!
