Created Date : 23-07-2020
Author : Annamalai
A data breach is an incident that exposes confidential or protected information. A data breach might involve the loss or theft of your Social Security number, bank account or credit card numbers, personal health information, passwords or email. A data breach can be intentional or accidental.
How common are data breaches?
Worldwide, identity theft is the most common. The largest data breach to date was uncovered in 2016, as online platform Yahoo announced hackers stole user information associated with at least 1 billion accounts in 2013.
Why do hackers steal data?
Most hackers simply want to generate profit. They can make money by stealing private information like a credit card or login details, and withdraw money from your accounts by themselves; or they can resell this information to another entity on the internet.
What can criminals do with the data they steal?
Cybercriminals don't just hold on to the information they access — they may find ways to exploit it for personal gain. Here are some examples.
Use it to steal your money or use your benefits. Depending on the information they have, a cyberthief may be able to:
Open and use new credit cards under your name.
Withdraw money from your banking or investment accounts.
File a tax return in your name and take the tax refund.
Get medical treatment using your health insurance.
Apply for government benefits.
Open utility or telecom accounts.
Steal and use your credit card rewards, such as airline miles.
Sell it on the dark web.
Criminals who access a lot of stolen information often trade or sell it on the dark web. According to Experian, Social Security numbers might go for $1 each, a credit card number could sell for up to $110, and a U.S. passport might fetch up to $2,000.
What happens during a data breach?
A data breach occurs when a cybercriminal successfully infiltrates a data source and extracts sensitive information. This can be done physically by accessing a computer or network to steal local files or by bypassing network security remotely. The latter is often the method used to target companies.
What are the different types of data breaches?
Employee error. Employees are the weakest link in your data breach defences. ...
What qualifies as a data breach?
A data breach is a confirmed incident in which sensitive, confidential or otherwise protected data has been accessed and/or disclosed in an unauthorized fashion. Data breaches may involve personal health information (PHI), personally identifiable information (PII), trade secrets or intellectual property.
Effective Ways to Prevent Data Breaches
High-profile data breaches remind us all that data security is a top priority for businesses. If you recently read our security ROI blog, you might have discovered that organizations now face a one in four chance of a data breach that costs approximately $2.21M in the next two years. The aftermath of a breach includes decreased customer loyalty, distrust, a potential loss in revenues, and a negative brand reputation.
A visibility of what hardware and software assets you have in your network and physical infrastructure will help you gain a greater understanding of your organization’s security posture. An asset inventory can also be used to build categories and ratings around the threats and vulnerabilities your assets may encounter. Categories and ratings for these vulnerabilities can help you better prioritize the remediation efforts that will take place on these assets.
Vulnerability and Compliance Management
Using a vulnerability and compliance management (VCM) tool or at the very least completing a vulnerability assessment will help you identify the gaps, weaknesses, and security misconfigurations within your physical and virtual environments. VCM can continuously monitor your infrastructure and IT assets for vulnerabilities and compliance weaknesses and configuration best practices.
Regular Audits on Security Posture
Completing regular audits to identify potential new gaps in compliance or governance will help in validating your security posture. A security audit will be more a more thorough assessment of your security policies compared to the vulnerability assessment or penetration testing. A security audit considers the dynamic nature of the organization as well as how the organization handles information security.
Train & Educate Your Staff
After completing your security policy audits, you can then enforce a written employee policy around data privacy and security. You will want to hold regular security trainings so that all employees are aware of these newly created policies – after all, people cannot voluntarily comply with unfamiliar policies. When establishing your security policy for employees