What is a Data Breach?
Data Breach is a serious issue that can cause lasting damage to organizations of all sizes and in every industry. It can tarnish a company’s reputation and cost it business, especially when consumers associate/remember the organization with its data breach incident rather than its actual products and services. It can also hurt a business financially with fines, settlements, and other legal fees. It can even affect a government agency’s security and credibility when sensitive information is exposed to foreign parties.
The process of a Data Breach starts with hackers researching the target, finding its hardware and software, and learning about it through court records and financial filings. Then they scan systems and open ports for vulnerabilities to exploit, then download a payload (malware, hack tools, or hacked data) that gives them access to the target’s system or networks.
Notify affected individuals and partners in a timely manner. Then analyze the impact to your business and take steps to remediate. This may involve changing passwords, encrypting information, or shutting down vulnerable servers. Also consider contacting affected financial institutions, such as credit card companies and banks, to advise them of the breach so they can monitor for fraud. Also, notify the major credit bureaus if Social Security numbers were compromised, as thieves can use them to sign up for new accounts in victims’ names or commit tax identity theft. Finally, review backup and preserved data with forensics experts to understand the incident better.