What is a Data Breach?
Data Breach is a cybersecurity incident where data is compromised. Typically, this involves unauthorized access to data that compromises the CIA triad of confidentiality, integrity, and availability (ensuring the data is available to legitimate users). Hackers typically steal information from a company by exploiting vulnerabilities. However, breaches can also be caused by insider threats and by lost or stolen physical devices, such as laptops, USB drives, or backup tapes.
Breaches also disrupt business operations, delay projects and divert resources away from strategic priorities. This can be particularly devastating for regulated industries, where compliance with industry-specific laws and regulations is a requirement.
It is also important to consider the impact of a breach on consumers. When the personal information of individuals is affected, cyber criminals can easily use that information to commit identity theft. This may include stealing their credit card or bank account numbers, gaining access to their social media accounts, ruining their credit rating and credit score, and even opening new credit cards in their name.
For example, insurance firm First American Financial was recently attacked by hackers who stole 885 million sensitive documents, including mortgage records, tax information, photos of drivers’ licenses, social security numbers, and wire transfer receipts. Those documents were then posted online, where anyone could see them. The company contacted search engines to ensure that they don’t archive the exposed information for long, which would put consumers at additional risk. They also tell consumers that they will post updates on a secure website.