There will always be individuals and organizations dedicated to finding vulnerabilities in systems, looking to capitalize on weak areas. However, there are many different steps businesses can take to reduce their risk of a data breach and eliminate some of the more harmful consequences that come from being a victim of a breach.
How Do Data Breaches Happen?
According to IBM's Cost of a Data Breach 2022 report, compromised or stolen credentials are the most frequent reason for a data breach. This attack vector is responsible for about one in five breaches. Phishing, improper cloud configuration, flaws in third-party software, and unethical insiders are additional frequent causes of data breaches.
Data breaches may also occur in organizations as a result of a breach in physical security, a system flaw, a compromise of business email, social engineering, or data or a device that is accidentally lost.
What Information is at Risk?
Data breaches can happen to any organization, regardless of size or industry. However, some types of data are more appealing to hackers than others, which raises the possibility of a breach.
Personally Identifiable Information
Personally identifiable information (PII) is any kind of data that can be associated with an identifiable person. Your license numbers, birth dates, social security numbers, email addresses, phone numbers, credit card numbers, and passwords connected to a user's name, username, or other identifiers are examples of personal data.
Financial Details
Financial data is particularly susceptible to data breaches, especially when combined with personal information. Any financial data obtained through a data breach can be used for fraud or identity theft, allowing a bad actor to make unauthorized purchases or file reports in another person's name.
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