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Data Breach means the loss or theft of sensitive information, such as credit card numbers, personal health records and login credentials for email accounts. In the most severe cases, attackers can use compromised data to steal a person’s identity and commit financial fraud.

Data breaches can result from intentional cyberattacks by lone operators or organized crime rings. They can also occur when companies are unable to protect the security of their systems, due to lax security or poor IT practices.

Regardless of the cause, the impact can be severe: Consumers will lose trust in companies that experience data breaches and may stop buying products or using services. They might also take to social media to vent their anger at the company. In fact, research shows that up to a third of consumers in sectors such as retail, finance and healthcare will stop doing business with an organisation after it experiences a breach.

Companies that discover a data breach must move quickly to contain the damage, communicate with affected consumers and implement new security measures. They should also consider hiring a team of forensic investigators to capture forensic images of affected machines, collect and analyze evidence and outline remediation steps. They should also consult legal counsel with privacy and data security expertise. Many states have laws requiring public companies to disclose breaches that may impact consumers within a certain timeframe. They should also be prepared to work with regulators who may investigate the incident or impose civil penalties.