What is a Data Breach?
About Data Breach
A data breach is a cyber attack that results in personal information being exposed to unauthorized users. It may be the result of theft of unencrypted devices, hacking into a system by exploiting software vulnerabilities or social engineering attacks like phishing that trick insiders into revealing information. While preventive measures such as proper segmentation, encryption of data at rest and in transit and regular employee training can help reduce the risk of a breach, it is impossible to eliminate all risks.
Once an attacker gains access to a system, they can use the information for a variety of malicious purposes such as selling on the dark web, conducting identity theft and financial fraud or exposing sensitive information that can damage people or businesses. A large percentage of breaches are motivated by financial gain. Criminals will use stolen credit card or bank account information to drain funds from victims directly or commit other types of financial fraud. They will also use compromised data to blackmail individuals or organizations and expose embarrassing information to the public for embarrassment or reputational damage.
Once a breach occurs, it is important to act quickly to minimize the damage. If the affected data is personally identifiable, consider notifying affected individuals. Many states and EU member countries have laws requiring notification of such incidents. Consider consulting with your law firm or privacy officer about timing to ensure that you do not impede the investigation by releasing too soon.