What Is a Data Breach?
A Data Breach is a situation in which confidential, private or sensitive information is exposed to someone not authorized to access it. This information can be used for malicious purposes such as selling stolen data on the Dark Web, committing fraud or identity theft or even exposing embarrassing or damaging content.
Breaches are often the result of hacking, ransomware or other cyberattacks. However, a breach can also be the result of employee error or negligence, poor IT system security or physical theft of data from work laptops, tablets or smartphones. In addition, organizations may face legal liability from customers or business partners who believe they have been violated by the company’s failure to protect their personal information.
When the cause of a breach is known, the next step is to determine how many people or companies are affected by it. This information can help a company formulate its response and mitigation plan. It is also a good time to evaluate if any systems are vulnerable to similar attacks in the future.
Lastly, an organization should create a communications plan for affected audiences. This can include a list of contact persons, disclosure strategies and actual mitigation steps. It is important to be ready with this plan so that any breach notification is handled quickly and efficiently.
In addition to financial losses, organizations that are hit with a Data Breach can also suffer from the loss of trust and brand reputation. This can have lasting consequences, leading to a reduction in revenue and the difficulty of attracting new customers.