As is evident to almost half of the world population, a data breach takes place when an individual or a company is given the permission to go through information that they are actually not authorized to access.
If data that is not permissible to certain individuals or companies is read by the same companies or individuals, it is no longer secure. On the other hand, the individuals or companies accessing this unauthorized data can either steal it or make changes.
Based on the data type involved in the breach or sell, the outcomes can include corruption and complete destruction of databases; leakage of confidential data and theft of regulatory requirements and intellectual property for notifying and possibly compensating the ones affected.
Why identify Data Breach Threats?
Delving into the consequences and the threats of data breach and sell means looking at the different varieties of cyber threats and what their outcomes might be in regards to businesses and companies.
If records are to be believed, instances of data breach and sell increased by around 40% since the year 2015. The expenditures on these incidents can actually be very high and they might also threaten a company’s ability to continue business.
Therefore, on the part of businesses, it is very important to determine the threats which would automatically lessen their exposure.
Are You a Data Breach Victim?
Threats targeting different data types can either come from employees, consultants or suppliers who have complete access to the network.
However, data breach threats can also come from individuals not involved in the day-to-day activities of an organization. These individuals can easily gain access to the data of a company within its network by way of external email accounts, mobile devices and even through cloud if a company stores data in the cloud.
Conventional perimeter protection is a thing of past when it comes to keeping data safe from such threats. This does not mean that insiders are not a threat to the data of a company.
Insiders like disgruntled employees might come up with plans of leaking sensitive information. Even the external people can use malicious websites and emails for installing malware on the computers of the employees and get their usernames and passwords.
In the event of such data breach threats, businesses and organizations need to come up with the results corresponding these events and even get the right solutions towards reducing data breach risks.
The Result of Data Breach
Businesses and companies experiencing data breaches might have to face increasing and severe consequences of the same. This is because of increased regulatory stress for the notification of people whose information has actually been compromised.
Companies experiencing data breaches involving consumers need to establish the residences of their consumers. The breaches that involve financial, health and personal information are also subject to notification requirements.
The expenditures involved in doing away or facing the consequences of data breaches might be very high and they might also result in an existential threat to the companies.
Considering the consequences of a data breach and the expenditures involved, it is necessary for companies to take important security measures for safeguarding sensitive information.