![]() Damage to reputation: Moreover, data breaches may turn off potential customers from doing business with organizations.Losing customers: For businesses, data breaches may cause distrust in customers, who may switch to a competitor.Lack of privacy: Depending on the type of information, data breaches may reveal information that people wanted to keep private (like the breach of Ashley Madison, a dating website for people seeking affairs).Ruined credit: For individuals who have had their identities stolen, their credit score may tank, resulting in difficulty getting bank loans, jobs, or even rental agreements.On average, it takes businesses 280 days to identify and contain data breaches, 4 or about three-quarters of a year. Loss of productivity: Once a data breach occurs, businesses need to find and fix the vulnerabilities, which can take away from other lucrative pursuits.Still, it’s clear that data breaches can have pretty extreme financial consequences. Now, keep in mind that this includes data breaches from huge companies like Microsoft and Walgreens, which is why the number is so high. Financial losses: In 2020, the average cost of a data breach in the U.S was $3.86 million.Identity theft: Using customers’ PII, or personally identifiable information, hackers will commit identity theft to file tax returns, secure bank loans or other actions that require PII.There are many different negative consequences of a data breach, which include but are not limited to: McAfee Identity Protection Menu What Are The Consequences of Data Breaches? Data extracted: Finally, the hackers download the data they want, be it intellectual property, medical information, or financial information.Payload delivered: Next, the hackers will either upload malware, take over accounts, hijack servers, or breach data using another method.Vulnerabilities exploited: After they find these points, they run exploit code.Vulnerabilities scanned: Next, the hackers scan systems and their open ports, enumerating all devices and accounts on networks to find points of entry.Target researched: First, hackers research a business: what hardware and software it uses, how much they spend on cyber security by looking at court records and financial filings, and how they can use partners as entry points.Phasesĭata breaches occur in five major phases, according to cyber security company Cygilant: 3 We’ll tell you more about how to prevent data breaches as both an individual and a business in a little bit, but first, let’s talk about what the breaches actually entail. Typically, data breaches happen to businesses small and large, but since businesses hold customer information, they can also affect customers. ![]() By losing devices or having them stolen.By making a mistake like losing paperwork or sending an email to the wrong recipient.By sending malware via phishing and spam emails 1.By accidentally downloading viruses or malware, a process also called drive-by downloads.By exploiting system vulnerabilities from out of date software and injecting systems with malware.There are a few different ways that people can breach data, whether intentionally or accidentally: DefinitionĪ data breach is a security incident in which a third party accesses data without the consent of the data’s owner, which could be either a business, its customers, or both. Taking it back to basics, let’s first define “data breach”. ![]() Let’s get started! Windscribe Data Logging Policy What Is A Data Breach? In this guide, we’ll tell you all about data breaches: what they are, how to prevent them, and other useful information. ![]() In the data economy where we hold a world of information in the palm of our hands, data breaches are as ubiquitous as iPhones.
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