How Much Do Data Breaches Cost Businesses?
Data breaches cost businesses millions in fines, lawsuits, and lost customers. Learn the true financial impact and how to reduce your risk.
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Among the more frustrating aspects of cyber security is the constantly evolving nature of the threat and the multitude of data breach attack techniques. One vulnerability is patched only for another to be found/created; one technique is foiled only for a different tactic to arise. Here we give a brief discussion of motivations and offer a list of the ten most common cyber attack/data breach techniques. Hat tip to the incomparable website Hackmaggedon.com which has been tabulating and compiling cyber attack reports for several years.
There were over 850 data breach attacks in 2017, many of which led to theft of customer personal and financial information. Not only is the number of breaches on the rise, but costs are rising, too. The New York Times reported that, through March 2017, Target spent more than $202 million on settlements, legal fees, and other costs following the November 2013 breach. Anthem Inc, the largest U.S. health insurance company, recently agreed to pay $115 million to settle hundreds of lawsuits stemming from a 2015 hack of customer information.
In general, at a broad level, one can identify several motivations for cyber attacks. The owners and operators of Hackmageddon.com offer these four:
Nearly three-fourths of cyber attacks are criminal in nature, an attempt to directly steal money from financial accounts, steal credit card numbers, demand a ransom, or something similar. The hack on Target stores in 2014 is a typical example. Cybercrime is, by far, the largest concern for businesses and certainly the focus of regulators.
Close behind is Cyber-espionage. These attacks, of course, are efforts to gain access to trade secrets and other confidential business information. A widely-reported example from March 2017 was the theft from Dun & Bradstreet of a 52GB database containing data on 33.7 million people in the highest profile industry and government jobs. Dun & Bradstreet is reported to have paid a substantial sum for the database which was used for targeted email promotions; it was a substantial loss to Dun & Bradstreet to have the database in the hands of its competitors. Where motivation can be determined, in any given year, these types of attacks are 10-15% of the total.
Hacktivism is often in the news, but is generally ignored and/or overlooked by businesses since the purpose of hacktivism is social or political, not financial. As an example, in February of 2017, an anonymous hacking group targeted and shut down various dark web sites that were purportedly hosting child pornography. As with cyber-espionage, the total number of attacks is low. These types of attacks are 10-15% of the total, ebbing and flowing in various countries with various election cycles.
Cyber warfare is defined as either government sponsored attacks or cyber attacks that are intended to just cause chaos. Essentially, a generalized war on the internet and flow of information. These are, year-to-year, the least frequent types of attacks.
As noted, attack techniques are constantly evolving. A list of the most common techniques from 10 years ago would look very different than the list for the last couple of years. This evolution is not only code driven, but device driven. Android mobile devices have become significant targets of cyber crime and, thus, the number of techniques used for breaching mobile devices has multiplied.
Here the top 10 attack techniques for the last couple of years:
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If you need more information on data breaches and on preventing data breaches, contact Revision Legal. We can be reached by email or by calling us at 855-473-8474.
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