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What is Breach?
Recent Data Breaches
- LinkedIn recently faced a massive data breach scenario. Personal information of 700 million LinkedIn users, or almost 93 percent of the company’s members, was available for purchase on the internet. The data was claimed to be recent; though it didn’t include the login credentials, it contains basic personal information like Name, Phone number, Addresses, Gender, Email, Geographical Locations, etc.
- Facebook also faced the same situation when a security researcher uncovered a Facebook database that contained 533 million accounts that had been leaked. Personal information of the users was compromised, consisting of 32+ Million records of users from the US, 10+ Million users from the UK, and 7 Million users from India. Facebook faced a lot of troubles regarding this database leak.
- Another incident happened with Raychat, an Iranian commercial and social messaging app. A cyberattack employing a bot revealed millions of user records to the internet, eventually erased.
What is Identity Theft?
Reasons behind a Breach
- Unpatched and outdated security vulnerabilities
Using an old security patch invites the attackers to enter and steal. Hackers unknowingly use the information gathered by security researchers for their use. However, any unfixed vulnerabilities are being exploited by hackers for their personal use. To identify them for future reference, these exploits are categorized into hundreds of Common Vulnerabilities and Exposures (CVEs).
- Human Error
- Due to the use of weak passwords
- Sharing of accounts/passwords
- Being a victim of phishing and the list goes on and on.
- Malware and phishing
Malware and phishing don’t only affect your personal computer, but they can also be a threat to your company’s system. According to a report, every 5 seconds, a malware event occurs worldwide. By making minor modifications, hackers can still enter your system without being noticed by antivirus.
- Theft of a Data-Transporting Device
If devices with sensitive information and your organizations’ trade secrets are being stolen, it can lead to breaches. The seriousness of the violation depends upon the type of data stored in the device that has been stolen.
Effects of Data Breaches
- Financial and Reputational Damage
Data breaches can harm a lot regarding the trust and reputation of a company. Recovering from a Breach also costs a lot to the organizations. Customers will think twice about giving their data to a company that has been a victim of a Data Breach.
- Downtime in Company
The recovery process includes many things like investigation, re-development, etc. During this time, the company had to keep its operations shut down, leading to Operational Downtime. This duration is entirely dependent upon the time taken during the whole investigation.
- Loss of Sensitive Data
In a data breach, we lose our personal and professional data, which can have disastrous effects. Any information directly or indirectly related to an individual is essential, and no one likes to compromise with those.
- Legal Actions
Organizations are legally required to demonstrate that they have taken all necessary precautions to secure personal data under data protection legislation. Any data breach can drag organizations into legal consequences too.