What is Data Breach?
Data Breach is the theft of sensitive information like Social Security numbers and credit card details that can be sold or used to impersonate a person. Cybercriminals use stolen information to commit crimes including identity theft, phishing, ransomware, DDoS attacks and business email compromise. Data breaches can also be a form of corporate or state espionage such as stealing intellectual property from a competitor or the stealthy transfer of classified information concerning an enemy’s military options.
The impact of a data breach can be enormous for any organisation. Customers will rapidly leave an organisation that has been breached and will move their business to a competitor that takes their data security seriously. Businesses will incur costs in the form of a fine from a regulatory body or legal action, and additional expenses such as added threat detection and response, customer notifications, reputational damage and lost prospective business opportunities.
Consumers can protect themselves by keeping an eye on their credit report and monitoring new accounts that may be opened in their name. They can also shred old paperwork containing their personal information and purge data from digital devices such as phones, tablets and PCs before recycling or selling them. It is also advisable to change passwords frequently and avoid using common words or phrases in your password.