“Stolen data by cyber criminals get monetized easily on the dark web. They target stealing data over money because it is easy and on dark web almost every day very easily data change hands with money. Cyber criminals target data because it's both monetarily lucrative and easier to steal than actual rupees or dollars. We often intend to take precautions on financial data more leaving personal, employees, customers , product or services related data less guarded. Therefore stealing personal information is easier than targeting financial info, moreover its equally as valuable as the financial data itself once it is sold on the dark web. This is why the prevalence of data breaches continues to grow, in magnitude, year-over-year. “
The opportunity to profit from stealing data is enormous, because companies are collecting and handling more personal data than ever before. Data, especially Personal Identifiable Information (PII), is considered an asset because it has universal applications, like helping businesses to better understand their customers.
A hacker only needs to find a single lapse or vulnerability, and they can potentially access large volumes of sensitive data. Once it's stolen, it's easy to sell through dark web marketplaces to anonymous users that are willing to pay (likely with some form of cryptocurrency) for hundreds of millions of personal data records.
The threat of cyber attacks has existed since data went digital, but there's been a recent spike in cyber attacks resulting in high-profile data breaches like Marriott (500M records compromised in November 2018), Quora (100M records compromised in December 2018), and Collection #1 data breach of at least 773M unique email addresses and 21M unique passwords posted to a hacking forum in January 2019.
The threat of a cyber attack will always exist, as cyber criminals conduct more elaborate and innovative schemes to access large volumes of data with minimal effort. Organizations with ample cybersecurity are lucky to stay one step ahead of fraudsters, but those without adequate cyber defense or Privacy by Design policies are far more likely to fall victim to cyber attacks.
The aftermath of a cyber attack can be an expensive undertaking for any organization. In 2018, the average cost of a data breach outside the U.S. reached $3.86M, but in the U.S. alone, data breaches averaged $7.91M – more than double the cost for other global organizations – with "mega breaches" costing businesses hundreds of millions of dollars or more.
In addition to monetary loss, organizations undergo remediation, investigation, notification, and post-mortem analysis to swiftly diffuse the attack. While it's tempting for companies to measure the full impact of a data breach in actual dollars lost and remediation, the true cost of a breach also includes intangible repercussions that have lasting effects, like:
1. Negative impact on brand image or reputation
2. Lack of trust in the business (customers and/or employees)
3. Loss of intellectual property (if product data is compromised or stolen)
4. Diminished market value from the perceived vulnerability
5. Elevated marketing and PR costs to neutralize public perception of breach
Individually, these consequences are somewhat negligible, but collectively, they can be a serious hindrance to growth and profitability. What’s more, the cost to protect data and minimize risks are often higher when an organization has already experienced a breach of significance. Cyber insurance rates go up, IT and cybersecurity costs increase, and lots of time and money is spent on company-wide security training and winning back customer detractors.
Consider your customers: Protecting customer data goes hand-in-hand with customer service. Secure their PII, and you’ll have loyal customers for life.
Consider your employees: Protecting employee data demonstrates your commitment to them and their safety. Employees perform best when they feel like their employers care about them.
This is Compiled by DoyenGC-ApON Team for Organizational Interests . In DoyenGC-ApON, we are team of experts , we are assisting many Organizations on their Security Needs.