Why Your Business is One Click Away from a Catastrophic Data Breach

05.02.2025 3,811 22
Currently, some of the scariest words for company owners are “hacking” and “data breach”. Everybody should be aware of what kind of a nightmare such an event means: a lot of money for fixing the failure, fines, potential lawsuits, and months of worries and hard work to get back to a normal state.

What is a data breach?

Simply put, it is the criminal infiltration of data sources that drains sensitive information. This might happen when hackers access computers or networks to get specific files or remotely, infringe network security. Everybody can be a target for a data breach. Criminals can attack individuals, all business types and sizes, high-level companies, and governments. The worst part is that we are all able to put others at risk. The vulnerability of one becomes access to others, a kind of unfortunate chain domino effect. Generally, criminals take advantage of weaknesses in technology and user behavior to execute a data breach. So, even your employees could be involved in giving direct access to the network. Once the cybercriminal is in, they can dig into the victim’s confidential files, proprietary, or sensitive information and get it all. For instance, trade secrets, customer data, credit card numbers, or national security matters. If this happens, this is a sign of a data breach, and the company will have to pay the harsh consequences.

Why do data breaches happen?

Data breaches happen due to technical vulnerabilities in systems or networks, and human factors. Let’s review the most common attack vectors. 

Targeted attacks When criminals focus on breaching a specific company or individual, they usually do it through the following vectors.
  • Malware. Malicious software, such as viruses, worms, Trojans, and spyware, can infiltrate systems to steal or compromise data. Malware often gains access through phishing emails, malicious downloads, or compromised websites.
  • Ransomware. This specific type of malware encrypts a victim’s data and demands a ransom for the decryption key. Ransomware attacks can lead to significant data loss if backups are not maintained properly. Try the 3-2-1 backup.
  • Phishing. Attackers send deceptive emails or messages that appear to come from legitimate sources, tricking recipients into revealing sensitive information or clicking on malicious links. Learn more about phishing attacks.
  • Spear phishing. A more targeted form of phishing involving personalized messages to specific individuals within an organization.
  • Social engineering. Manipulating individuals into divulging confidential information by exploiting psychological tricks and trust.
Unpatched software and systems
  • Vulnerabilities. Unpatched software can contain known security flaws that attackers exploit. Regular updates and patch management are essential to mitigate these risks.
  • Zero-Day exploits. Attacks that exploit vulnerabilities unknown to the software vendor. These are particularly dangerous because there are no immediate fixes available.
Poor security practices
  • Weak passwords. Simple or commonly used passwords can be easily guessed or cracked using brute-force attacks. It’s well known, but weak passwords are still too risky for enterprises and individuals. Learn how to create strong passwords.
  • Credential stuffing. Attackers use lists of compromised usernames and passwords from previous breaches to gain unauthorized access to other accounts.
  • Lack of multi-factor authentication (MFA). Without MFA, single-factor authentication systems are more vulnerable to breaches if credentials are compromised. Learn about passkeys, which can be used instead of passwords.
Human errors and threats
  • Negligent insiders. Employees who unintentionally cause data breaches through careless actions, such as mishandling data, falling for phishing scams, misconfiguring systems, sending sensitive information to the wrong recipient (misdelivery) that results in unintended exposure, or accidentally sharing critical data through emails, social media, or incorrect settings.
  • Malicious insiders. Employees or contractors who deliberately misuse their access to company systems for personal gain or sabotage.
Misconfigured systems
  • Cloud storage misconfigurations. Incorrectly configured cloud storage services can expose sensitive data to the Internet, making it easily accessible to attackers.
  • Network misconfigurations. Poorly configured network devices and services can create vulnerabilities that attackers exploit.
Third-party risks
  • Vendor breaches. Third-party vendors and suppliers with access to company data can be a weak link in the security chain. A breach at a vendor can compromise client data.
  • Supply chain attacks. Attackers target less secure elements of a supply chain to gain access to a more secure target.
Physical security breaches
  • Theft of devices. Physical theft of laptops, smartphones, or storage devices containing sensitive information can lead to data breaches.
  • Unauthorized access. Individuals gaining physical access to secure areas or systems without proper authorization can set the scene for a data breach.
Denial-of-service (DoS) and Distributed denial-of-service (DDoS) attacks
  • Disruption. DoS or DDoS attacks are not data breaches themselves. They aim to overwhelm and disrupt the normal operations of systems and networks, potentially causing data integrity issues or exposing vulnerabilities that can be exploited for data breaches. Usually, while the victims are dealing with the DoS or DDoS attack, criminals take that time to enable the data breach. You can help protect yourself by deploying DDoS protection.
Advanced persistent threats (APTs) Long-term targeted attacks, APTs, involve sophisticated and prolonged campaigns, targeting specific organizations or industries to steal sensitive information. Attackers secretly gain access to a network to extract sensitive information during a defined period. Carrying out an APT requires a greater level of expertise and customization compared to standard attacks. The attackers are usually well-funded, skilled cybercriminal teams focusing on valuable targets. APTs typically pursue the following objectives:
  • eCrime. Pursuing financial profit.
  • Cyber espionage. Theft of classified information or intellectual property.
  • Hacktivism. Strategy to support political or social agendas.
  • Destruction. The objective is to harm or disrupt.

What does a hacker do with the stolen data?

Easy, hold it for ransom, sell it on the Dark Web, or to a rival company. Nowadays, possessing the banking, personal, tax, and health info of millions of people means a very juicy business for many companies. Besides, unfair competition also continues. Hackers know it and are willing to steal the necessary information to stab a successful company, in exchange for a high payment. 

Talking about individuals, the hacker can use the stolen data to access your accounts and get profit out of them. You can have online banking, a PayPal account, a crypto wallet, or another money source that they can get. In some cases, hackers execute these cyber-attacks not only to get profit but also visibility. Yes, it is a common practice! They do this only to make big companies vulnerable. There are even hacking contests where cybercriminals take part just to show off their advanced tech skills. What a hacker does with the stolen data will be defined by the type of information stolen and their motivations.

Why do data breaches matter?

Data breaches are critical issues that can have far-reaching consequences for individuals, businesses, and society. Check this in-depth look to understand better why data breaches matter!
  • Financial impact. Companies face substantial financial losses due to data breaches. This includes the costs of incident response, legal fees, regulatory fines, and compensation to affected customers. A 2023 IBM report noted that the average cost of a data breach was $4.45 million.
  • Personal losses. When personal financial information like credit card numbers or bank account details are stolen, individuals can suffer immediate financial losses. Recovering from such theft can be a long and challenging process.
  • Identity theft. Data breaches often lead to identity theft, where malicious bodies use stolen information to open new accounts, take out loans, or engage in other fraudulent activities in someone else’s name. This can severely damage an individual’s credit score and financial standing. Breaches involving social security numbers are particularly dangerous, as these can be used to commit extensive identity fraud that is difficult to detect and rectify.
  • Intellectual property theft. When data breaches result in the theft of intellectual property, including trade secrets, proprietary algorithms, and business strategies, competitors or malicious entities can exploit this information to gain an unfair advantage. The loss of valuable intellectual property can hinder a company’s ability to innovate, leading to a lost competitive edge and reduced market share.
  • Operational disruption. A data breach can disrupt normal business operations. Companies may need to shut down systems to contain the breach, investigate the incident, and implement fixes. This downtime can lead to significant productivity losses. Beyond immediate response costs, long-term investments in improved security measures are often necessary to prevent future breaches.
  • Legal and regulatory consequences. Many industries are subject to strict regulations regarding data protection, such as GDPR in Europe, CCPA in California, etc. Failing to protect data can lead to severe penalties and legal actions. Businesses can face lawsuits from affected customers and partners. Legal battles can be costly and divert resources away from core business activities.
  • Personal privacy violations. Personal information such as health records, private communications, and personal identification numbers, when exposed, can lead to significant privacy violations. Individuals’ personal lives can be exploited, leading to emotional distress and other non-tangible harms.
  • Exposed data can be used for phishing or social engineering attacks, tricking individuals into providing further sensitive information or engaging in actions that compromise their security.
  • Reputation damage. As previously mentioned, businesses that suffer data breaches often lose customer trust, which can be hard to rebuild. Consumers may take their business elsewhere, fearing their data is not safe. A damaged reputation can have long-term impacts on a company’s brand, leading to reduced customer loyalty and lower sales.
  • National security risks. Breaches involving sensitive government or defense data can threaten national security. Adversaries accessing classified information can undermine national defense strategies and put lives at risk. Data breaches in critical infrastructure sectors such as energy or water supply can lead to disruptions that affect entire populations and economies.

How to prevent data breaches?

Let’s not minimize the relevance of security. Research and understand policies, procedures, and solutions to accurately choose the ones to protect your company.
  • Get constant vulnerability evaluations. Criminal activity never stops, so it’s vital to prevent it and detect it fast.
  • Keep everything up to date. It includes the operating system of every machine and every third-party application.
  • Train your employees. They must be able to identify suspicious activity and to avoid mistakes (phishing, entering questionable websites, etc.) that can lead to infiltration. Train them to use strong passwords, multifactor authentication (MFA), to identify and only open secure Uniform Resource Locators (URLs) and web addresses, and other safe practices.
  • Ensure you have a trustworthy encryption policy on every employee’s computer.
  • Have a plan to respond if the worst happens. Accept that cybercriminals will not quit, so be ready to respond. Define every single step that must take place to identify the stolen data, keep the operation if possible, monitor networks and systems to detect malicious activity, change passwords, etc.
  • We must all be careful with what we share on social media. Currently, the best practice is not to reveal too much about ourselves.
  • Secure all devices. Protect everything, laptops, mobile devices, and wearables, with security software that is updated permanently. Every day, our laptops and mobile devices have more connective features that increase the potential for data breaches. Developers launch new technology faster than we can take measures to protect it. The Internet of Things (IoT) exemplifies this trend, where convenience often is prioritized over security. Many “smart home” and “smart office” products suffer from significant vulnerabilities, such as the absence of encryption, which hackers exploit.

Conclusion

Understanding what data breaches are and how they work is an essential first step to being safe. Only by being informed can you implement the necessary security measures and train your employees to adopt daily safe practices to protect your business. Now, you know that data breaches can deeply affect your company financially and beyond. Security is not a matter to neglect! Remember, history shows that every company could face a data breach. Besides, it only takes one person with poor security practices and judgement to compromise a complete network or website. By protecting yourself, you can protect others!

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