Data breaches happen when there is a vulnerability in a network, device or system. This can be due to poor passwords, social engineering, unpatched applications, insider risks and malware. Whether it’s the loss of intellectual property, customer PII, or confidential company information, a breach can be catastrophic for businesses and brands. In addition to legal damages, a company could lose consumer trust and damage its reputation. Target, Equifax and Yahoo are just a few of the well-known victims of data breaches in recent years.
The most common causes of data breaches are hackers, malicious outsiders who commit intentional cybercrimes for financial gain. They can act as lone operators or as part of an organized gang. They may steal credit card numbers, bank accounts and other sensitive information to drain funds from people and companies.
Other causes of data breaches include accidental exposure by an employee, such as a fax sent to the wrong recipient or a spreadsheet with sensitive information accidentally posted online. Breaches can also occur when an attacker exploits a bug, such as a flaw in a website’s code that allows for the upload of files with sensitive information.
In the aftermath of a data breach, it’s important to have a plan in place that includes identifying the source and scope of the breach, conducting an investigation, and notifying those who are affected by the breach, as required by law. Other steps often include implementing security measures to prevent future incidents.