Data figures

Data breaches have a huge impact on organizations. All it takes is one tiny mistake to suffer a major security issue. That’s why it’s no secret that a data breach can destroy any company. Such cybersecurity incidents that lead to data breaches put the whole company’s network in danger. Entities need to use special security measures to avoid these serious consequences,

If a business experiences a data breach, it usually takes a toll on the company’s reputation, as the clients want to use other companies’ services where they feel safe. Unfortunately, you can say that everyone’s at risk. That said, keep reading to find out about the biggest and most notorious data breaches from last year. 

How do fraudsters breach data? 

As years go by, the main security gap that results in data breaches remains human error. Even though users aren’t directly associated with the breaches sometimes, they play the leading role in the success of cyberattacks. Usually, criminals gain access to data through insider leaks. For instance, a trusted employee with many privileges can still commit cyber theft. 

Another popular example is when cyber criminals break into lost or stolen devices. They can also exploit personal data by accessing drives or even physical folders. Typically, this happens due to hardware vulnerabilities, especially if companies use old software. In this scenario, criminals can inject malware and steal sensitive information. 

The impact of data breaches

If a business lacks security measures and has its data stolen, the chances are that the incident will impact the company’s sales. Reputational damage is a real deal, leading to the loss of clients and, eventually, a decrease in sales revenue. On top of that, the media picks up negative news and spreads it around the internet without the possibility of scraping it. Of course, such factors might scare off some potential new partners or customers. 

Not only new clients but also new employees are affected by data breaches. Specialists argue that data breaches can result in employee turnover, which adds more uncertainty and stress to the organization’s table. Let’s not forget that there are also legal penalties for non-compliance with the laws and security standards. In other words, the mitigation process is much more complex than the prevention procedures that ensure safety against data breaches. 

Now that we’ve wrapped up the basics, let’s continue with a short list of the worst data breach cases of 2021. 

Microsoft data breach 

Microsoft’s servers were attacked back in January of last year when some of the servers were affected. Hackers gained access to users’ credentials; this way, making their way through to other information systems that were connected to Microsoft’s network. To repair the damages, Microsoft released updates and updated its file encryptions. 

Facebook data breach

Facebook made the news last year for the wrong reasons when the personal data of over 533 million users was posted on a low-level hacking forum. Many important details were stolen, such as the users’ full names, emails, phone numbers, or location data. Fraud prevention specialists speculated that this data breach could be used as a channel to commit further crimes, for instance, impersonating people.

LinkedIn data breach 

The government launched an investigation on LinkedIn when hackers stole and shared the data of 700 million users. Even though LinkedIn tried to deny the damages in its statement, the evidence proved otherwise. The stolen personal details were uploaded to one of the forums on the Dark Web. The bad actor behind the data breach divided the stolen information into different parts, filtering the credentials by profession: IT specialists, Finance executives, and HR professionals. 

How to resolve the issue? 

There are essential security practices that companies must follow in order to safeguard their data. For example, using encryption, regularly updating software, and training your staff are the fundamental rules of an effective security strategy. Despite that, guaranteeing long-term data protection requires extra security layers. Nowadays, innovative companies choose to implement ID verification as a fraud prevention measure against dangerous attacks.

This service is powered by artificial intelligence, enabling smooth and secure customer identity verification services for businesses that want to onboard trusted accounts to their network. That means scammers and hackers with stolen identities are restricted from gaining access to the businesses’ services. Automatic ID verification detects photo or video spoofing, montage, and other graphic manipulations, leaving fraudsters out of the picture.

By Jim O Brien/CEO

CEO and expert in transport and Mobile tech. A fan 20 years, mobile consultant, Nokia Mobile expert, Former Nokia/Microsoft VIP,Multiple forum tech supporter with worldwide top ranking,Working in the background on mobile technology, Weekly radio show, Featured on the RTE consumer show, Cavan TV and on TRT WORLD. Award winning Technology reviewer and blogger. Security and logisitcs Professional.

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