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Data Breach is the act of unauthorized access to confidential and sensitive information by an individual or entity who is not authorized to do so. It may also be referred to as unintentional disclosure, information leakage and a data dump.

Data breaches are costly. The longer a breach remains undetected, the more expensive it becomes. In 2021, the average cost per victim was $4.24 million, with small businesses incurring a disproportionately larger financial burden when adjusted for their size.

The leading cause of data breaches is human error, accounting for over 95% of security incidents. In many cases, this is the result of lax or nonexistent corporate security systems and practices, poor employee training, or the use of free, unsecure passwords or PINs.

Attackers exploit these flaws to gain access to your system for their nefarious purposes. They can exfiltrate your data from your computers, servers, laptops and mobile devices through phishing, ransomware, malware, skimming or even from physical theft.

The information they steal is then used for dangerous attacks like phishing, fraudulent loan applications and unauthorized purchases or money transfers. They can re-use your compromised credentials across platforms, gaining access to your email, social media and online banking accounts by simply trying combinations until they find the one that works. It is for this reason that it’s important to verify how hackers are accessing your data and to restrict that access as soon as possible. If forensic reports show that service providers were involved, it is important to analyze their access privileges and determine whether they need to be restricted.