Why Do Data Privacy Breaches Happen? Top 3 Reasons. You may have recently heard something about data breaches. They’re becoming more regular, and it seems like every week there’s another breach of some kind.
Statistics suggest that fraudsters steal or compromise 68 records every second, thus that appears to be the case. If your company hasn’t already been a victim of a data breach, chances are it will be soon, especially if you don’t have adequate security measures in place.
It’s difficult to pinpoint the worst aspect of data breaches because each one is unique. In 2022, the average data breach costs $4.35 million. But it’s not simply the money spent on missed business or ransom payments. It’s also time spent getting back online, making amends with customers, and attempting to repair reputational harm. Many businesses never recover. In this article, lipstickbr.com will explore why do data privacy breaches happen?
What is a data privacy breaches?
But, exactly, what is a data breach? This post will provide you with a crash course in data breaches, including why they occur and some data breach types.
Unauthorized access to or exposure of protected information is defined as a security breach, often known as a data breach. Stolen login credentials, stolen finances, or intellectual property leaks are all examples of data breaches. Any firm, regardless of size, can be affected by a security breach.
Security Breaches Can Compromise Almost Anything, Including:
• Personally identifiable information (PII), such as a Social Security or Tax Identification number
• PHI (protected health information), which includes medical records and prescriptions
• Financial data such as credit card numbers and mortgage account numbers
Breach can have a significant financial and reputational impact on enterprises of any size. For example, if your company’s data breach results in threat actors stealing client identities, you may face significant costs and penalties in addition to the lost sales and enormous brand harm.
But how much will it cost? Given that Amazon and WhatsApp have recently paid $877 million and $255 million in GDPR fines, respectively, the solution is prohibitively expensive.
Why Do Data Privacy Breaches Happen? Top 3 Reasons
1. The Human Factor
Humans are by far the most common cause of data breaches, which may surprise you. According to data issued by the World Economic Forum in late September 2022, human mistake accounts for more than 95% of security problems.
Humans are a perennial liability in cybersecurity for a variety of reasons. One important reason is that they are human, and humans make mistakes. Will you refuse or want to impress your boss if someone imitating your CEO asks you to transmit payments to someone else? Because “eager to please” is a particularly human vulnerability, threat actors will continue to target humans until we learn better.
According to a recent study, 42% of all phishing emails are opened by employees, who may then click on harmful documents or links. Once they have done so, fraudsters will have all of the information they need to commit fraud or steal data.
Humans can also contribute to data breaches in the following ways:
• Using weak passwords and failing to change them frequently
• Failing to keep software and programs up to date
• Disseminating sensitive information to unauthorized individuals
• Leaving laptop computers, smartphones, and other electronic devices unattended in public locations
By offering staff with security awareness training, you may avoid these security lapses. A workforce that is cyber-savvy is a safe workforce. After all, identifying an issue is the first step toward resolving it. Employees go through real-world phishing simulations to learn how to recognize phishing attempts and other cyber dangers.
Malware is dangerous software that infects your devices, allowing hackers to possibly access your personal information, among other things. Malware comes in numerous forms, including viruses, ransomware, and spyware.
In the first place, how does malware get onto your devices? Employees frequently click on harmful attachments or links in phishing emails, resulting in the download and installation of malware on their devices. After all, 92% of all malware is delivered via email.
Once installed, the malware can do a variety of things, including:
• Stealing confidential information
• Encrypting files so you can’t access them (ransomware)
• Keyloggers and remote access trojans monitor your activity.
• File deletion or corruption (a new trend in ransomware)
Businesses should have robust cybersecurity procedures in place to safeguard their networks from infection. Investing in a secure email gateway, adhering to DMARC protocols, operating endpoint security software, firewalls, and keeping everything patched and up to date are all part of this.
3. Physical Cybersecurity (or lack thereof)
Physical security may not come to mind when thinking of cybersecurity, but it is just as critical. After all, if someone has physical access to your devices, they can simply steal sensitive data or install malware. Counties around the country are installing new election equipment after unauthorized individuals gained access to voting machines.
Malicious people can take devices containing vital data. Hard drives, servers, DVDs, thumb drives, tablets, cellphones, and desktop computers are all examples. The type of data housed in these devices will determine the data breach caused by their physical theft.
Physical data breaches can be avoided by storing all devices in a safe area and ensuring that only authorized individuals have access to them. To dissuade burglars, you could also use security cameras and alarm systems.