It’s crucial that anyone who keeps sensitive data on a physical device exercise caution, whether in or out of the office. Cybercriminals may also steal physical devices where sensitive data is stored, including laptops, tablets and mobile phones. Stolen informationĭata breaches don’t happen exclusively online. In these situations, cybercriminals use deceptive emails or other messages, often disguised as legitimate communications from trusted colleagues, companies or organizations, to trick individuals into revealing sensitive data, such as their login credentials or credit card information. Phishing scams are another common type of data breach. Depending on the data’s sensitivity, the costs can skyrocket, with the potential of data loss if the ransom isn’t paid. The attacker then demands a ransom to provide the decryption code. In a ransomware attack, a cybercriminal will infect a system with malicious software that encrypts user data, effectively locking the record from being retrieved, read or used for any purpose. Ransomware attacks have become increasingly prevalent in recent years and are now one of the most significant threats to data security. Here are some of the most frequently encountered types of data breaches. Understanding the most common types of data security breaches is the first step toward establishing robust data protection measures. The list of data breaches is long and growing, and more losses, fines and legal actions are sure to make data breach headlines in the years to come. Penalties for not complying with data security regulations vary by state and may be figured according to the number of records or people affected by the breach. In the United States, several regulatory bodies enforce data breach fines, including the FTC. Though Amazon has appealed the case in international court, it has yet to be decided it will appear before a judge in Luxembourg in early 2024. Amazon faces a $886 million fine for failing to enact customer data breach prevention measures adequately. For example, organizations that aren’t compliant with the European Union’s General Data Protection Regulation (GDPR) could be subject to strict fines. ![]() A data breach settlement for a subsequent cyberattack at T-Mobile in early 2023 has yet to be decided.Ĭompanies should not overlook regulatory fines, either. For instance, cellular provider T-Mobile paid $500 million in fines in the wake of a 2021 data breach that exposed the customer records of over 76 million consumers. Even more striking, 21% of respondents said they would permanently stop doing business with an organization that had suffered a data security breach. consumers said they would stop buying products or services from a business for several months following a data breach. Many consumers are left wondering, “ What happens to my personal information after a data breach,” which leads to questions about an organization’s ability to act responsibly with their personal data. A data breach can irreparably damage an organization’s reputation, which makes bringing in new customers or partners tough. was $9.48 million.īut the financial cost is just the beginning. Research has shown that the average cost of a data breach in the U.S. Organizations may face hefty bills in trying to recover from a data breach. ![]() What is a data breach?Ī data breach - sometimes also known as data loss, data theft or exfiltration - is a security incident where intellectual property or sensitive, confidential or otherwise protected data is copied, transmitted, viewed, stolen, altered or otherwise used by an unauthorized person for fraudulent purposes.Ī data breach can lead to severe repercussions for organizations and individuals who have had their data exposed. No one can prevent all identity theft or cybercrime. ![]() † LifeLock does not monitor all transactions at all businesses.
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