A data breach occurs when information is accessed without permission, and it can have negative consequences for both businesses and consumers. The repercussions can be financially costly, damage reputations, and take considerable time to rectify.
While it may seem like data breaches are happening more frequently, this is to be expected as technology advances and more of our information is stored digitally. Cyberattacks have become more prevalent and costly as a result.
According to a study by the Ponemon Institute, the global average cost to a company affected by a data breach is $3.86 million, with an average cost of $148 per stolen record. This highlights the significant threat that online crime poses to anyone who uses the internet.
Cybercriminals are drawn to corporations and businesses due to the large amount of data that can be obtained in a single attack.
Why do data breaches occur?
Cybercrime is a rapidly growing and lucrative industry for attackers. Hackers often seek personally identifiable information for financial gain, identity theft, or sale on the dark web. Data breaches can occur accidentally or through targeted attacks. These attacks typically exploit vulnerabilities in software, weak and insecure passwords, drive-by downloads, and targeted malware attacks. To protect against these attacks, it's important to keep software up-to-date, use strong and unique passwords, avoid visiting compromised websites, and be cautious of opening links or attachments from unknown sources in emails. Stay vigilant and stay protected against cybercrime.