What are data breaches and how do you protect yourself?

A data breach is a security violation in which sensitive, confidential or protected information is accessed without authorisation . Data breaches are one of the most common and costly cybersecurity incidents, affecting both businesses and individuals in a variety of ways. 

It’s not surprising that stories of data breaches continue to dominate the headlines around the world. As technology advances, more and more of our information has been moving online. Corporations and businesses are therefore  attractive targets to cybercriminals, due to the large amount of data that can be nabbed in one fell swoop.

Globally, the average total cost to a company of a data breach now exceeds $3.9 million, according to a study by the Ponemon Institute, which equates to approximately $150 on average per stolen record.

Why do data breaches occur?

As the world becomes increasingly more digital, our data becomes more and more valuable as an asset. Cybercriminals seek personally identifiable information to steal money, compromise identities, or sell over the dark web. 

Data breaches can occur for a number of reasons, including accidentally, but targeted attacks are typically carried out in four ways:

• Exploiting system vulnerabilities. Out-of-date software can create a hole that allows a cybercriminal to sneak malware onto a computer and steal information.
• Weak passwords. Weak and insecure user passwords are easier for hackers to guess, especially if a password contains whole words or phrases.
• Drive-by downloads. You could unintentionally download a virus or malware by simply visiting a compromised website. A drive-by download will typically take advantage of a browser, application, or operating system that is out of date or has a security flaw.
• Targeted malware attacks. Opening unsafe links or attachments in emails can unintentionally download malware onto your computer, causing a breach.  An email can be made to look like it comes from a trusted source, even when it’s not.

How can I help protect my personal information from a data breach?

There are steps you can take to help protect yourself and your personal information form a data breach:

• Use strong, secure passwords. Use a complex and unique password for each of your online accounts. Keeping track of lots of different passwords can be difficult, but there are products, such as Norton Password Manager, that can help make the task easier to manage. 
• Keep a close eye on your bank and other financial accounts. Check your accounts on a regular basis for unfamiliar activity. And if your financial institution offers activity alerts via text or email, it may make sense for you to sign up for them.
• Check your credit report. It’s important to check your credit report regularly to ensure credit isn’t taken out in your name. You’re entitled by law to a free credit report from each of the three major credit reporting agencies every 12 months. Visit annualcreditreport.com for more information.
• Take action as soon as possible. If you notice suspicious activity, contact your financial institution immediately. If your information was stolen in a data breach, let them know that, as well.
• Secure your phone. If your phone doesn’t have a password, give it one. Although entering a password every time you use your phone can be tiresome, it provides a line of defence if your device is lost or stolen. Think about all the information a cybercriminal could access with your unprotected phone.
• Use only secure URLs. Reputable sites begin with https://. The “s” is key. This is especially important when entering credit card or other sensitive information. 
• Back up your files. Ensure that you backup your important files to keep them safe. Norton 360 plans include backup for your PC in addition to other security features. 
• Wipe your hard drive. If you are recycling your old computer, make sure that you clear your hard drive prior to disposal. The same goes for your smartphones and tablets.
• Avoid oversharing on social media. Never post anything pertaining to sensitive information, and adjust your settings to make your profiles private. While you’re at it, hold off sharing vacation pics on social media while you’re still on vacation. That tells everyone your house may be sitting empty, a perfect target for burglary.
• Use an identity theft protection or credit monitoring service. The damage caused by a stolen identity could take months or even years to fix. Given the rise in data breaches, it’s important to consider identity theft protection or a credit monitoring service. Norton Security now includes LifeLock identity theft protection, helping to protect your personal information in an age of data breaches.
  

What are companies doing about data breaches?

Many companies are tightening security measures and reassessing their procedures to better protect the consumer data they use and store.

Laws and regulations are in place that require companies to take specific steps in the event of a data breach or other security incident. Most states require companies to send data breach notifications to consumers when their personally identifiable information may have been compromised.

Still, you should never rely solely on others to keep your information secure. It’s important to take preventative measures and keep an eye on your information.

Data breaches are likely here to stay, and the best defence against them is a good offense. Stay informed and be diligent about monitoring your online life. There may be laws, policies, and procedures in place to help protect your information, but it still makes sense to stay engaged and alert, even as you enjoy the convenience that a connected life brings.