Global Impact Of Data Breach On Large Corporatons

This case study, written in 2009 is not the only case where a major data breach has occurred within organizations. In the late 2011 Sony’s PlayStation Network (PSN) was breached impacting up to 77 million user’s accounts including data on names, address and possibly credit card details. In late 2013 Target had a cyber-attack that compromised a large quantity of its data and had 110 million accounts compromised. Finally in September 2014 Apple had their iCloud server breached by hacking that compromised all the users of the online server. These occurrences still have some unanswered questions and several experts have yet to decipher the actual reason as to why the security breach occurred.

A recent increase in large scale data breaches has exposed a multitude of cybersecurity vulnerabilities that pose a definite risk to consumers (Lorio, 2017). In some cases, a data breach can distress an establishment so much that other organizations experience a backlash from the repercussions (Kosseff, 2011). The Equifax data breach of 2017 is a perfect example of this kind of event as it caused an overwhelming economic repercussion that affected other major corporations and more than 143 million credit card customers worldwide (Janakiraman, Lin, & Rishika, 2018).

When it gets right down to it, in this technologically advanced world, one of the worst things that can happen to people nowadays is having a cyberattack successfully launched against them. In particular, these cyberattacks are especially catastrophic if the end result is nothing short of a data breach. For everyday citizens, they have to be careful not only because

Now a day, companies are focusing and investing more on IT security, where the company’s and customers’ personal and financial information managing and storing. Certainly, more cost involves in this process. Companies who failed in security breach prevention paid and paying huge amount. Example for this is Target. This multinational grocery stores company’s data breached in 2013 this affecting its business. Furthermore, by 2015 nearly 1000 Target employees lost their jobs and the company is facing legal suits from bankers and customers.

Numerous data breaches and computer intrusions have been disclosed by the nation’s largest data brokers, retailers, educational institutions, government agencies, health care entities, financial institutions, and Internet businesses. A data breach may occur when there is a loss or theft of, or other unauthorized access to, data containing sensitive personal information that results in the potential compromise of the confidentiality or integrity of data. Sensitive personal information generally includes an individual’s name, address, or telephone number, in conjunction with the individual’s Social Security number, driver’s license number, account number, credit or debit card number, or a personal identification number or

Right now, 37% of Internet users in the US are surfing the web with outdated versions of Java (CSIS, 2015). For organizations that have not paid close attention to cybersecurity in the past, now is your wakeup call. According to a recently released study, the average cost of a data breach in the United States has climbed from $5.9 million to a staggering $6.5 million per breach (Ponemon, 2015). This is enough to not only hurt many organizations, but also cause irrevocable damage to their economic standings. The purpose of this paper is to examine what the root cause for most of these breaches are. From a review of the largest breaches in the past 5 years, I have come down to this conclusion: Unpatched software is single handedly costing American organizations billions of dollars every year in expensive and embarrassing security breaches.

A breach occurs when an unauthorized person accesses private information, either intentionally or unintentionally. Usually, it is referred to electronic breaches where data on computers, servers or discs fall into the wrong hands (Cook, 2010). In today’s world, barely a day goes by without some news reporting some type of data breach. Breach of data incidents grow in frequency and severity, despite the regulatory requirements for data privacy protection and incident notification becoming more stringent.

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.

The potential of violations can come from numerous sources (Lawrence & Weber, 2011) (Consumer Information). Recently Equifax had a data breach of their customer’s personal information. The hackers accessed the names, social security numbers, birthdates, and addresses of 142 million American consumers (Consumer Information). This is frightening and happens more often that we think. According to PricewaterhouseCoopers executive, ”Cybercrime has emerged as a formidable threat. Over the years millions have fallen victim to theses attacks. In a survey of 583 U.S. companies, 90 percent said that hackers breached their company’s computers over the last twelve months (Lawrence & Weber, 2011). Cyber crimes occur when hackers attempt to damage or destroy a computer network or system of company’s data. Criminals will use one of the most harmful systems around. This system is called a zombie. A zombie is

Any organization is critically dependent on data to perform its functions. Security breaches resulting from malicious code attacks, denial of service, employee negligence and theft, unauthorized access, policy violations, (ROCHA, 2012) and vendor leaks and mistakes, are on the increase. There was a total of nine mega breaches in 2015 as reported by Symantec which reported an alarming 429 million exposed identities ("Cyber Security Incident Response: Shifting from Reactive to Proactive | Ayehu", 2016) .In the light of the above fact, it becomes not a question of if, but when a compromise will occur (Williams, 2015, pg.1) A security breach has disastrous impact on an organization as it leaves in its wake financial, legal and compliance and reputational risk. The health and financial services sector incur most costly data breaches because of higher fines ad above average rate of lost in business and customers (Ponemon, 2016). According to Ponemon (2016), majority of data breaches results from malicious and criminal attacks which take considerable time to detect and contain and has thus have a higher remediation cost. It is worthy to mention the Office of Personnel Management breach, where they could not put their fingers on what was taken during the breach which generates distrust among affected parties. The Sony and the OPM breach increasingly makes it clear that attackers use anti-forensic and evidence destroying

The internet plays a huge part in the modern economy, yet, because of negligence many corporations mass of information is put at risk. According to a study conducted in 2015 by Tech Beacon, there were 223 publicly reported data breaches in 2015. This may not seem like a large number, but keep in mind that mainly large corporations report public breaches. Corporations like BlueCross Blueshield, Sony, Target, Ebay, and Home Depot all had 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:

In today’s generation, the complications that come along with cyber security are no longer just for the technologically advanced population; it is everybody’s concern. Whether you work in arts, military, media, and even business – this is an essential part of our lives that we should inspect carefully. A report published by Researcher Riley Walters states that a survey by the Ponemon Institute showed “the average cost of cybercrime for U.S. retail stores more than doubled from 2013 to an annual average cost per company of successful cyber-attacks increased to $20.8 million in financial services, $14.5 million in the technology sector, and $12.8 million in communications industries.” There were cyber-attacks earlier this year which led to the leak of eBay employee log-ins, allowing access to 233 million eBay accounts. Cyber-attacks like these are almost impossible to detect, and there are no measures to recover from them. With the increasing number of computers, cybercrime is also on the rise, hence close attention is recommended to protect personal information.

Several issues come to mind when dealing with three major crises that will confront businesses over the next 50 years. Of the major crises that come to mind, technological security seems to be one of the more evident crises that business will confront over the next 50 years. Many companies are beginning to store extremely valuable information on cloud storage systems to save costs, time, paper, etc. This methodology is risky simply because of the increased risk of hackers trying to capture and misappropriate the stored information. In order for businesses to take appropriate preventative action, they must invest in the adequate amount of internet, system, and storage security.

Cybercrime has become a fast growing concern for the 21st century as businesses, institutions and individuals grow into an interconnected web of computer networks. Online business transactions, along with the sharing of personal information, are vulnerable to a host of disasters that can reap economic and social havoc. Some sources say that today, cybercrime costs more than $1.0 trillion to society--Global Industry Analysts, Inc. forecasted the world cyber security market to reach $80 billion by 2017 (Gale, 2011).