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DATA BREACH

“Security is an illusion and Privacy is a myth”

Besides maintaining privacy do you think your data is actually secured?No! it’s not. We have heard about so many data stealing commonly known as data breach, but do you know what it means?

A data breach or data leak is the release of sensitive, confidential or protected data to an untrusted environment. It is a security incident in which data is accessed without authorization. It involves information leakage or exfiltration—unauthorized copying or transmission of data, without affecting the source data. In some cases it incites to complete loss of data. For example in case of ransomware attacks, the unauthorized person encrypts your entire data and asks for a huge ransom to decrypt the data.

In other words, in a data breach, hackers or employees release sensitive data. As a result, the data might be lost, or used by perpetrators for various malicious purposes. As technology progresses, more and more of our information has been moving to the digital world. As a result, cyberattacks have become quite common and costly. Globally, the average total cost to a company of a data breach is $3.86 million, according to a study by the Ponemon Institute. This means that at $148 on average per stolen record, online crime is a real threat to anyone on the internet.

In other words, in a data breach, hackers or employees release sensitive data. As a result, the data might be lost, or used by perpetrators for various malicious purposes. As technology progresses, more and more of our information has been moving to the digital world. As a result, cyberattacks have become quite common and costly. Globally, the average total cost to a company of a data breach is $3.86 million, according to a study by the Ponemon Institute. This means that at $148 on average per stolen record, online crime is a real threat to anyone on the internet.


Why do data breaches occur?

Cybercrime is a profitable industry for attackers and continues to grow. Hackers seek personally identifiable information to steal money, compromise identities, or sell over the dark web. This serves an easy way for a well skilled person to ask for a handsome amount of money or ‘Bitcoins- cryptocurrency’ from a well established company.

 

Causes of Data Breaches:

The following are common causes of information leaks at organizations.

●      Insider leaks- Insider threats include disgruntled employees, former employees who release credentials to sensitive systems, or business partners. They might be motivated by financial gain, commercially valuable information, or a desire for revenge.

●      Unintended disclosure- Many data breaches are not caused by an attack, but rather by unintentional exposure of sensitive information. For example, employees might view sensitive data and save it to a non-secure location, or may discuss with the staff or might share it on the internet.

Examples of some of the biggest data breaches :

Marriott International

Date: 2014-18

Impact: 500 million customers

Details: Marriott International announced in November 2018 that attackers had stolen data of 500 million customers approximately. The attackers were able to take some combination of contact information, passport number, Starwood Preferred Guest numbers, travel information, and other personal information. The credit card numbers and expiration dates of more than 100 million customers were believed to be stolen but the officials were uncertain whether any transaction took place or not.

Yahoo

Date: 2013-14

Impact: 3 billion user accounts

Details: Yahoo announced in September 2016 that in 2014 it had been the victim of what would be the biggest data breach in history. The attackers compromised the names, dates of birth, email addresses and passwords, and security questions and answers of almost 3 billion user accounts.

How can I help protect my personal information in the event of a data breach?

●      Use strong, secure passwords.

●      Monitor your bank and other financial accounts.

●      Use only secure URLs

●      Secure your phone

●      Back up your files and ensure their safety

●      Avoid oversharing on social media

●      Implement high-quality security software

 

What are companies doing about data breaches?

Many companies are tightening security measures and reassessing their procedures to better protect the consumer data they use and store. Laws and regulations are in place that require companies to take specific steps in the event of a data breach or other security incident. Most states require companies to send data breach notifications to consumers when their personally identifiable information may have been compromised.

 

 

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