A rise in devastating cybersecurity breaches can reveal the kinds of vulnerabilities your business may be exposed to
Data breaches are often in the news these days. The consequences of data security breaches can be catastrophic, exposing sensitive data, putting your clients and reputation at risk, causing damage to finances, and more.
As a business owner or manager, it’s crucial to recognize that major data breaches are inevitable. You have two options: wait for a breach to occur and then identify and repair your vulnerabilities, or proactively discover your weaknesses now and develop data protection strategies to prevent future harm.
What are major data breaches?
Microsoft defines a data breach as:
“A data security incident when private information or confidential data is stolen or taken from a system without knowledge or permission from the owner. It can happen to any size organization — from small businesses and large enterprises to government entities and non-profits — and involves gaining access to personal data such as social security numbers, bank accounts, financial data, healthcare information, intellectual property, and customer records. Data breaches can occur intentionally or unintentionally, and by internal or external acts.”
Examples of cybersecurity breaches include:
- Phishing — This usually involves emails and messages that trick people into revealing sensitive information.
- Malware — Software attacks such as viruses, ransomware, spyware, and trojans are designed to infiltrate and disrupt systems.
- Insider threats — People in an organization who accidentally or intentionally use their access to cause a data breach.
- DDoS attacks—Distributed denial of service (DDoS) attacks target websites and servers by disrupting network service and exhausting resources to sabotage data.
- Physical breaches — These can happen when servers, computers, or other storage devices containing sensitive data are stolen.
Data breach examples
One recent example of a major data breach in the news involves the unauthorized access of tens of millions of AT&T cellular customers and those of many non-AT&T customers. The stolen logs also contained a record of every number AT&T customers called or texted (including customers of other wireless networks), how many times they interacted, and each call’s duration.
AT&T blamed the source of the leak on an “illegal download” on a third-party cloud platform. The company said: “We sincerely regret this incident occurred and remain committed to protecting the information in our care.”
Other organizations who had to issue apologies for recent data breaches include:
- Ticketmaster: A data breach exposed over 560 million customer records, including order history, payment information, name, address, and email data. The data breach impact included confidential information put for sale online by the attackers.
- Bank of America: The financial institution suffered a ransomware attack targeting one of its service providers and affecting the private records of about 55,000 customers.
- Dell: The technology company was struck by a major cyberattack, potentially exposing the private information of 49 million customers. The cyberattacker set up partner accounts in Dell’s customer portal and caused a breach by bombarding the page with more than 5,000 requests per minute.
Data breach vulnerabilities exposed
Each of the cases above and many thousands of smaller cases not recorded in the major media demonstrate the vulnerabilities of company systems that were exploited, with results ranging from inconvenience to devastating consequences.
One source estimates that in the fourth quarter of 2023 alone, more than eight million records worldwide were exposed by data breaches, making the attacks a major concern for international business leaders. The source also says that as of 2023, the average data breach cost for businesses worldwide was $4.45 million. The United States suffered the highest average breach cost of $9.48 million.
And it’s not just the famous data breaches of major companies that are at issue. Statistics also show that small and medium enterprises (SMEs) are at great risk from cybersecurity breaches. It is difficult for smaller businesses to have the knowledge, time, and resources to deal with this threat, helping to make a strong case for a partnership with a knowledgeable I.T. managed service provider (MSP). They can help identify and remedy vulnerabilities in this fast-paced, ever-changing, and dangerous technology environment.
Data protection strategies
A good I.T. MSP will take the time to learn about your network, way of working, and priorities, establishing a plan to close up vulnerabilities and evolve with your business.
The FTC, for example, recommends that you respond quickly to a cyber breach to prevent one leak from becoming many. You should have a breach response team in place to act immediately when needed.
You should have a communications plan set up so you can promptly inform affected customers if a breach occurs. You should also relay information in a way that complies with legal and regulatory requirements.
While a lot of effort should go into preventative strategies, you should also have a backup plan in case of a breach. A good MSP will provide backup services for your computer, data, and hard drive, as well as a recovery plan that can be instituted as quickly as possible to ensure that you are up and running with minimal delay.
It’s also a good idea to buy cyber liability insurance. Tailored to your needs, this is a collection of policies that can cover financial losses due to cyberattacks, which could include privacy investigations and lawsuits.
The best way of preventing data breaches
At Attentus Technologies, we can help reduce your data breach risks with our proactive I.T. management. We can help you save time, money, and reputation with strategies that include:
- Regular system updates
- Active awareness of potential cybersecurity threats
- Ongoing data backups
- Regular network monitoring
- Cybersecurity training for staff and partners
Additionaly, we include training programs designed to enhance your staff’s security awareness and practices. By equipping your team with the knowledge and skills to identify and mitigate potential threats, we create a stronger, more resilient defense against cyber attacks.
We provide services guided by our core values, including a commitment to delivering exceptional results. That means we strive to see the world through the eyes of the people we serve, ensuring that every interaction, project, or partnership is the best possible.
Contact us today to learn how we can improve your I.T. structure and provide the protection you need from major data breaches.
