Data Breaching And Its Effects

In the early days of computing, a hacker was primarily referred to as a computer guru, someone who is extremely technical with a high expertise in computer also known as “Expert Programmers”. Nevertheless, as technology is advancing at a face pace, hacking has adopted a completely different definition. The modern definition is someone who access a computer system primarily to steal or destroy information. Hacking has caused major harm in the realm of technology. Over the years, hackers have become much more lethal in their craft. They manage to break into complex information systems from entities such as banks, government agencies, and private businesses. Furthermore, they often manipulate their victims through social engineering in order to obtain financial benefits. Hackers hold different label such as: black hat hacker and white hat hacker in which all have their own motives.

Companies have an obligation to protect their customer’s information, which goes beyond that of complying with state and federal regulations. If the company loses the trust of their customers, they risk the chance of damaging

This analysis discusses some issues and requirements to correct these issues that are outlined in the Turn Key University (TKU) data breach case study. In addition to these issues and requirements, some applicable laws will be discussed and some controls will be suggested for implementation.

The first point of analysis is related to National Data Breach reporting which main goal is to protect consumers against identity theft and incentivize businesses for better cyber security. Businesses are required to inform the consumers if the intruder had access to the consumers’ personal information in order to prevent further damage or loss. The information security policy of State of Maryland is set forth to provide any data breach incident

Statistics show that most security breaches are direct results of insider misconduct rather than being hacked. According to the most recent Verizon Data Breach Investigations Report, about “285 million records were compromised in 2008.” Seventy-four percent of the incidents were from inside sources. Users are more likely to be victims of computer virus infections, inquisitive students/co-workers, and hardware failures than to be victims of an Internet security attack.

Gatzlaff, K. M., & McCullough, K. A. (2010). The effect of data breaches on shareholder wealth. Risk Management and Insurance Review, 13(1), 61-83.

A large amount of PII is stored in platforms utilized by universities and colleges, such as Banner Web. Bricker and Eckler (2016) stated, “Colleges and universities maintain large stores of sensitive data, including financial information and expensive research statistics, making them prime targets for hackers” (para. 2). Students, faculty, staff, and alumni are not aware of the security issues involved when using portable devices or identifying a phishing email. The most common data breaches in higher education are hacking and malware, spear phishing, and portable devices. Although social media is not a type of breach, hackers can plan a data breach by collecting personal

People across the world are becoming disproportionately dependent on modern day technology, which results in more vulnerability to cyber-attacks including cybersecurity breaches. Today, the world continues to experience inordinate cases of cybersecurity meltdowns. There is a rapid growth in complexity and volume of cyber-attacks, and this undermines the success of security measures put in place to make the cyberspace secure for users. Cyber-attacks on both private and public information systems are a major issue for information security as well as the legal system. While most states require government organizations and certain federal vendors to report incidences of data breaches, no equivalent legislation exists to cover private entities.

Data breaches happen daily, in too many places at once to keep count. But there is some huge breach versus a small one and we will take some examples from the biggest or most significant breaches of the 21st century to show how much risk or damage the breach caused for companies, insurers and users or account holders.

In the last decade it’s amazing how technology has advanced over the years and will continue to advance for many years to come. Every year there is a new cell phone from Apple or Samsung, with new features that make our lives more convenient. From faster software to higher picture quality and so on. I am unable to recall the last time I used a camera to take pictures or went to the bank to deposit a check. Technology advances every day and many can’t wait to see what’s next to come. But with new technology comes greater risk for violations of privacy. In the following research paper I will discuss the types of security breaches and the cost associated with these breaches that businesses around the world face on a daily basis.

Individuals and corporations that are the victims of an organizations data theft may elect to sue the business for damages. As well as the legal costs involved, if the court rules in favor of the prosecution, then the business will be liable for the damages incurred. This has the potential to put the company out of business. Organizations will need to meet the compliance requirements of one or more Acts, depending upon their vertical industry. The requirement, which is broad-based, is to ensure customer privacy. This is essential to prevent personal details such as social security information, addresses, credit card information, and more, being divulged through data

Data breaches are increasingly common as companies are faced with securing a multitude of networks, devices, applications, users, and files used in the course of conducting business. And with global workforces and the rise of cloud computing, security perimeters are more difficult to define than ever before. These issues combine to create a perfect storm – a climate ripe for hackers to take advantage of. (Lord, 2017) Below are the trending data loss trends to watch out for:

It is important to note that whether an attack is perpetrated by a hacker group, other corporations or individuals, organizations must always prepare adequately through intrusion detection and prevention systems in place. Data breaches can have very devastating business and social impact to large businesses and their customers – the users. For instance, were Cloudflare attacked by a competing company, their trade secrets could have given the opponents ammunition to take them out of the field. In addition, lost data could influence criminal activity if for instance particular client information, for

Almost all kind of large and small organizations might face increasing number of attacks into their network or intellectual property. This may lead to data disclosure, data destruction, and damage of organization’s reputation. There are numerous threats in the cyber space which might be capable of stealing, destroying or making use of out sensitive data for financial and non-financial gains. As the amount of computer, mobile and internet users increases, so does the number of exploiters.

Data leakage involves loss of data which invariable leads to loss of knowledge. Knowledge is an important asset for existence as it involves the seamless combination of experiences, specialist insight, standards and plans (Ahmad, Bosua and Scheepers 2014). Thus data is indispensable for development, preserve competitive edge and when it is lost can lead to several consequences. Consequences of data leakage are considerably high since once data is lost it is difficult to regain it back and consequences can last for a lifetime. Consequences of data leakage can be classified as direct or indirect loss (Gordon 2007). Direct loss is easy to quantify and measure such as fines (Phua 2009).