Many factors affect data breach management. For example, the average response time is 1-2 days, and the number of compromised websites per month is 4,800. Approximately 34% of all data breaches in 2018 involved internal actors, and 71% were financially motivated. Of all the malware incidents that affected the global economy in 2016, ransomware accounted for 24% of all data breaches. In 2016, 95% of the records breached were from the government, retail, and technology sectors.
According to IBM, humans are the weakest link in cybersecurity, accounting for over 85% of data breaches. To prevent a data breach, organizations must learn about the impact of human errors and eliminate opportunities for them. Educating employees on the risks and consequences of mistakes will go a long way in reducing the likelihood of human error. The most common cause of the human error is a simple oversight, but it can also be due to distraction, fatigue, or other issues. People can make errors when working under poor conditions, including noise and lack of privacy. When people handle sensitive data, they may delete files or send them to the wrong person or not back them up. Other errors that can cause data breaches include ignoring security updates and downloading infected software.
Weak security practices
Considering that most data breaches occur when companies do not follow best practices, it is not surprising that this is where most of the problems lie. Users tend to reuse the same password across different accounts, opening doors to a critical data leak. A single compromised password can potentially compromise multiple digital solutions, including email accounts and websites. Furthermore, weak passwords are a common entry point for hackers. Therefore, organizations must enforce strong password policies and institute policies for changing passwords every three months. Multifactor authentication is also a great way to protect sensitive data.
According to the Ponemon Institute, 80% of data breaches result from stolen credentials. Unfortunately, security departments and IT divisions often neglect basic password security, assuming that hackers will not target their organizations. However, in many cases, the victims of data breaches thought that they would never suffer such an attack. That belief has proven to be very unwise. As a result, they have experienced devastating consequences.
Unpatched system vulnerabilities
One of the most common reasons for data breaches is unpatched system vulnerabilities. Most organizations conduct vulnerability scans only once or twice a year and only update their solutions if they have found any significant issues. It makes it easy for hackers to access confidential data and cause major damage to companies. Companies should always keep their solutions updated to avoid becoming victims of malicious actors. Unpatched system vulnerabilities are the number one cause of data breaches. One out of every four vulnerabilities is exploited before a patch can be implemented, according to the CVE Research Group. Data breaches cost organizations an average of $3.86 million annually and are growing more expensive every year. Poor cyber hygiene is comparable to bad dental hygiene. While some cavities hurt worse than others, there are still ways to prevent these data breaches.
Data breaches from insiders are a growing concern. Although mistakes by external parties are a genuine concern, most are the result of accidental insiders. Accidental insiders can easily gain access to sensitive data. In such cases, policies can be implemented to help protect sensitive data. For example, even if your company has robust policies and procedures, an employee who is unhappy at work may leave the computer unlocked.
A disgruntled employee may steal confidential information for personal gain or financial reward. Almost every worker now has multiple interconnected devices that can compromise company information. There’s no limit to the information that can be compromised with just a few mouse clicks. Social norms are also slowly being undermined, which makes the insider threat even more dangerous. Some insiders act maliciously without any intention of harm. They may copy sensitive files before leaving the company or sell trade secrets to rival companies.
If you’ve ever had your credit card information stolen, you know how devastating this can be. The perpetrators can use encoded information from the card to commit crimes. Such information includes the card number, CVV, expiration date, and full official name. This information can then be sold on the dark web. Moreover, skimming lets cybercriminals timestamp activities to commit frauds. Furthermore, it threatens your privacy.
Credit card and identity theft numbers are rising steadily. According to the Federal Trade Commission, over 399,225 people were affected by identity theft in 2016. Of these victims, 29% reported that they were victims of credit card fraud. In addition, the Department of Justice said that 86% of identity theft victims used the stolen information to make purchases using those accounts. The total cost of credit card and identity fraud to the U.S. economy is around $15.4 billion. Therefore, you should avoid using your credit card and instead utilize other payment options to prevent such dangers. It’s also a good idea to double-check for any unusual charges and keep an eye on your account from time to time.