Malware

Rising Data Breach Expenses Fueled by Costly Investigations

Data breach costs are skyrocketing, driven by the rising expenses of investigations. According to a recent study, the average total cost of a data breach has reached a staggering amount. These high costs are attributed to the extensive efforts required to identify and mitigate the breach. As businesses continue to invest in cybersecurity, the need for effective prevention measures becomes even more crucial.

Published

12 months ago

September 20, 2023

zendzipr

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The Rising Costs of Data Breach Investigations and How to Reduce Them

The fear of a data breach is a major concern for companies of all sizes in today’s threat landscape. Not only does it pose a significant risk to sensitive information, but it also comes with a hefty price tag. IBM’s Cost of a Data Breach Report for 2023 reveals that the average cost of a data breach has reached an all-time high of $4.45 million.

While the media often focuses on the overall cost of data breaches, little attention is given to the increasingly expensive incident investigations that drive up these costs year after year. In this article, we will delve deeper into the reasons behind the rising costs of data breach investigations and provide practical steps that businesses can take to reduce these expenses.

Data Breach Investigation Costs

Investigating a data breach involves a combination of resource-intensive activities, including technical analysis, administrative tasks, legal procedures, and communication efforts. The 2022 IBM report highlighted that incident investigations, also known as ‘detection and escalation,’ have become the most expensive category of data breach expenses. This trend continues in the 2023 report, revealing that detection and escalation costs an average of $1.58 million per breach, accounting for over 35 percent of the total average cost.

But why are data breach investigation costs on the rise? Here are some factors that contribute to the increased expenses:

Complex IT Environments: Many companies operate in hybrid environments, with data spread across on-premises servers, multiple cloud providers, and even edge devices. This complexity makes it challenging to track sensitive data, monitor its use, and identify anomalies.
Advanced Persistent Threats (APTs): Adversaries use sophisticated techniques and evasive malware to remain undetected for longer periods, increasing the time and costs associated with detection and response.
Volume of Data: The amount of data generated and stored by companies continues to surge in a data-driven economy. Sorting through this massive amount of data to detect breaches requires specialized tools and expertise.
Breach Escalation Shortfalls: Incident response plans often fall short when it comes to escalating data breaches internally. Inefficient processes can disrupt normal business operations, and the lack of coordination across different departments hinders effective breach management.

What Were the Consequences of the Kroll Data Breach on FTX, BlockFi, and Genesis Creditors?

The ftx, blockfi, genesis creditors’ data breach had severe consequences for the affected parties. Their sensitive information was compromised, endangering their financial security. The breach not only resulted in potential losses for the victims but also damaged the reputation and trustworthiness of these prominent organizations. As a result, they may face legal actions, financial penalties, and loss of customers, which could negatively impact their future operations in the cryptocurrency industry.

How to Reduce the Cost of Investigating Data Breaches

Reducing the cost of data breach investigations requires a proactive and reactive approach. Here are some suggestions to prevent data breaches and mitigate investigation costs:

1. Robust Information Governance

Implementing a robust information governance framework is essential for efficient data management. It involves defining and enforcing policies, procedures, standards, and controls to ensure data is handled securely and in compliance with legal and regulatory obligations. Maintaining an inventory of information assets and regularly deleting unnecessary data can help uncover protection gaps and reduce breach risks due to lax practices.

2. Ongoing Security Training and Awareness

Regularly educate employees on the importance of security and how to recognize and avoid potential threats, such as phishing attempts. By fostering a security-conscious workforce, you can significantly reduce the risks associated with human factors in data breaches. Make security training and awareness a continuous effort throughout the year to reinforce best practices.

3. Continuous Vulnerability Management

Adopt a proactive approach to identifying, assessing, and addressing vulnerabilities in your IT infrastructure. Regularly scan for known vulnerabilities and apply patches and updates promptly. By prioritizing vulnerability management, you can prevent data breaches resulting from outdated and vulnerable systems.

4. Simulated Cyberattacks

Conduct simulated cyberattacks to uncover weaknesses in your infrastructure and systems. Identifying and addressing these vulnerabilities proactively is more cost-effective than dealing with the aftermath of a real data breach. Simulated attacks provide valuable insights and help improve your overall security posture.

5. Using Cyber Threat Intelligence (CTI) for Faster Response

Leverage actionable and reliable cyber threat intelligence to enhance your forensic and investigative activities. Good CTI enables faster detection and response to breaches, reducing investigation costs. However, gathering and analyzing CTI can be time-consuming. Consider utilizing modular CTI solutions, such as Outpost24’s Threat Compass, which provides customer-specific threat information tailored to your business needs.

By implementing these proactive measures, businesses can reduce the costs associated with investigating data breaches and improve overall cybersecurity resilience. Taking a comprehensive approach to data breach prevention and response is crucial in today’s evolving threat landscape.

This article is sponsored and written by Outpost24.

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AT&T Cyberattack: A Wake-Up Call for 51 Million Customers

Hey there, friends! I want to talk to you about something that has recently caught my attention – the massive AT&T data breach that has affected a staggering 51 million customers. As someone who’s passionate about cybersecurity, I can’t stress enough how important it is for all of us to take this issue seriously. So, let’s dive into the details and find out what we can do to protect ourselves and our digital lives.

A Frightening Reality: The AT&T Data Breach

Let me paint you a picture: imagine you’re sitting at home, scrolling through your social media feed, when suddenly you receive an email from AT&T. The subject line reads, “Important Security Alert: Your Account Information May Have Been Compromised.” Your heart skips a beat as you open the message and realize that your personal data – including your name, address, and even your Social Security number – may have fallen into the wrong hands.

Well, folks, that nightmare scenario became a reality for a jaw-dropping 51 million AT&T customers when the company announced one of the largest data breaches in US history. The cyberattack, which occurred in April 2021, exposed sensitive information that could be used for identity theft, financial fraud, and other malicious activities. And, unfortunately, this isn’t an isolated incident – data breaches are becoming all too common in today’s digital world.

Why You Should Care About Cybersecurity

Now, I know what you’re thinking: “Peter, this is all very scary, but what does it have to do with me?” Well, the truth is that we’re all vulnerable to cyberattacks, no matter how secure we think our online presence is. In fact, according to a recent study, over 4.1 billion records were exposed in the first half of 2019 alone. That’s a mind-boggling number, and it’s only going to grow as our reliance on technology continues to increase.

But here’s the good news: by taking a few simple steps, you can significantly reduce your risk of falling victim to a data breach. I know it may seem overwhelming, but trust me – it’s worth the effort to protect your personal information and avoid the stress and anxiety that come with being hacked.

How To Safeguard Your Digital Life

So, how can you take control of your cybersecurity? Here are a few easy-to-implement tips that can make a big difference:

Use strong, unique passwords: This may sound like a no-brainer, but it’s surprising how many people still use weak, easily guessable passwords. Make sure each of your accounts has a different, complex password that includes a combination of letters, numbers, and symbols.

Enable two-factor authentication: This adds an extra layer of security by requiring you to enter a code sent to your phone or email whenever you log in from a new device.

Be cautious with public Wi-Fi: Public Wi-Fi networks can be a goldmine for hackers. Use a virtual private network (VPN) to encrypt your data and protect your privacy when connecting to public hotspots.

Update your software: Make sure you’re always using the latest versions of your operating systems and applications, as they often include security patches to fix vulnerabilities.

Stay informed: Keep up-to-date on the latest cybersecurity news and trends to ensure you’re prepared for new threats as they emerge.

Join Us in the Fight Against Cybercrime

Friends, the AT&T data breach is just one example of the growing cybersecurity challenges we face in today’s digital age. But by taking action and making cybersecurity a priority, we can protect ourselves and our loved ones from the devastating consequences of data breaches.

So, I urge you to join me in the fight against cybercrime. Contact us to learn more about how you can safeguard your digital life, and make sure to keep coming back for the latest tips, tricks, and updates on all things cybersecurity. Together, we can make a difference and create a safer, more secure online world for everyone.

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Malware

Massive Data Breach Hits Payment Gateway: 1.7 Million Credit Card Users Impacted

A data breach at Indian payment gateway provider Juspay has exposed the personal information of 17 million credit card owners. The compromised data includes names, email addresses, and phone numbers, putting users at risk of phishing attacks. Juspay has assured customers that full card numbers, order information, and passwords remain secure.

Published

1 day ago

September 10, 2024

zendzipr

A person wearing a hooded jacket holds a glowing rectangular device in a dark, futuristic environment with neon red and blue digital graphics in the background, hinting at a massive data breach among credit card users.

Imagine this: you’re enjoying a lovely dinner at your favorite restaurant, and when it’s time to pay, you hand over your credit card without a second thought. What you don’t know is that a cybercriminal has been lurking in the shadows, just waiting for the opportunity to snatch your personal and credit card information. That’s exactly what happened to nearly 1.7 million individuals when payment gateway provider Slim CD suffered a data breach.

The Slim CD Data Breach: What Happened?

Slim CD is a company that provides payment processing solutions for businesses, allowing them to accept electronic and card payments through various platforms. Unfortunately, hackers were able to access Slim CD’s network for almost a year, from August 2023 to June 2024. The company first detected suspicious activity on June 15, 2024, and during their investigation, they discovered the unauthorized access had begun back in August 2023.

According to the notification sent to the impacted individuals, the threat actor had viewed or obtained access to credit card information for just two days, between June 14th and 15th, 2024. The types of data that may have been accessed include:

Full name

Physical address

Credit card number

Payment card expiration date

Is Your Credit Card Information Safe?

While the exposed information doesn’t include the card verification number (CVV), there’s still a risk of credit card fraud. Nowadays, cybercriminals have become increasingly sophisticated and may use the stolen information to piece together enough data for fraudulent transactions. It’s important to remain vigilant and monitor your credit card statements for any suspicious activity.

What Can You Do to Protect Yourself?

Slim CD has taken measures to strengthen its security to prevent future incidents like this, but it’s crucial for you to take charge of your own cybersecurity. Here are some steps you can take to stay ahead of cybercriminals:

Regularly monitor your credit card statements for any unauthorized transactions.

Report any suspicious activity to your card issuer immediately.

Be cautious when providing your personal and credit card information online or over the phone.

Consider using a credit monitoring service for added protection.

Don’t Let Cybercriminals Win: Stay Informed and Protected

As the digital landscape continues to evolve, so do the threats posed by cybercriminals. Staying informed about cybersecurity risks and taking proactive steps to protect your personal information is more important than ever before. We’re here to help you navigate the complex world of cybersecurity and ensure your personal data remains secure.

So, don’t let cybercriminals get the upper hand. Keep coming back to learn more about the latest threats and how you can stay protected in the digital age. Together, we’ll make sure that your personal information stays safe and out of the hands of cybercriminals.

Malware

Massive Avis Data Breach Exposes 299,000+ Customers: Protect Yourself Now

Car rental company Avis has suffered a data breach impacting over 299,000 customers. The compromised information includes names, addresses, and driving license numbers. The breach affected Avis Australia and New Zealand, with the company stating that no financial data has been accessed.

Published

2 days ago

September 9, 2024

zendzipr

A car rental facility with an illuminated "AVIS" sign at night. Several vehicles are parked outside, and light trails from passing cars are visible in the foreground. Join our community of 000+ customers who trust us for their travel needs!

Image: Midjourney

Update: The Avis data breach impacted over 299,000 customers.

Imagine renting a car, expecting a smooth and secure experience, only to find out later that your personal information was exposed in a data breach. That’s precisely what happened to over 299,000 customers of American car rental giant, Avis.

What happened in the Avis data breach?

Unknown attackers managed to breach one of Avis’s business applications last month, stealing some customers’ personal information in the process. According to data breach notification letters sent to impacted customers, Avis took action to stop the unauthorized access, launched an investigation with the help of external cybersecurity experts, and reported the incident to relevant authorities after learning of the breach on August 5.

The investigation revealed that from August 3 to August 6, the attacker accessed Avis’s business applications. The company was able to evict the malicious actor from its systems and block their access on August 6. On August 14, it was discovered that the attacker had stolen some customers’ personal information, including their names and other undisclosed sensitive data.

How many people were affected?

In a separate filing with Maine’s attorney general, it was revealed that the personal information of 299,006 Avis customers was stolen in the breach. This number represents less than 1% of their customer base, but it’s still a significant number of people whose data is now at risk.

What has Avis done since the breach?

Since the breach, Avis has worked with outside experts to strengthen security measures for the affected application and implemented additional safeguards across its systems. The company is also actively reviewing security monitoring and controls to bolster security defenses.

Avis warned customers of identity theft and fraud risks following the data breach, advising them to remain vigilant by regularly reviewing and monitoring their account statements and credit history for any signs of unauthorized transactions or activity. The car rental company also offered those affected a free one-year membership to Equifax’s credit monitoring service, which assists with identity theft detection and resolution.

Why is this important for you?

Data breaches like the one at Avis serve as a reminder of the ever-present risks we face in our increasingly digital world. Cybersecurity is not just a concern for large corporations; it affects all of us. It’s essential to stay informed and take steps to protect our personal information.

As your trusted IT Services provider, we’re here to help you navigate the complex world of cybersecurity. We’ll keep you up to date on the latest threats and offer guidance on how to keep your personal and business information safe. Don’t hesitate to contact us if you have questions or concerns about your cybersecurity or need assistance in protecting your data.

In the meantime, stay vigilant and keep coming back to learn more about the ever-evolving landscape of cybersecurity.

Malware

Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire

Car rental company Avis recently disclosed a data breach affecting customer data. The breach exposed sensitive information such as names, addresses, and phone numbers. Protect your personal information by staying vigilant and monitoring your accounts for any suspicious activity.

Published

5 days ago

September 6, 2024

zendzipr

Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire 8

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Image: Midjourney

Did you hear the news? American car rental giant Avis recently informed customers that cybercriminals breached one of its business applications last month and stole some of their personal information.

According to data breach notification letters sent to impacted customers and filed with California’s Office of the Attorney General, Avis took action to stop the unauthorized access and launched an investigation with the help of external cybersecurity experts after learning of the breach on August 5th.

What did the investigation uncover?

The investigation revealed that the attacker had access to Avis’s business application from August 3rd to 6th. The company managed to evict the malicious actor from its systems and blocked its access on August 6th. On August 14th, it also discovered that the attacker stole some customers’ personal information, including their names and other undisclosed sensitive data.

Since the breach, Avis says it has worked with outside experts to strengthen security measures for the affected application and implemented additional safeguards across its systems.

What has Avis done to protect its customers?

Avis has been actively reviewing security monitoring and controls to bolster security defenses and warned customers of identity theft and fraud risks following the data breach. The company advised those whose personal information was stolen to remain vigilant against threats of identity theft or fraud. They suggested customers do this by regularly reviewing and monitoring their account statements and credit history for any signs of unauthorized transactions or activity and contacting credit reporting agencies if they suspect any unauthorized activity.

Moreover, Avis offered those affected a free one-year membership to Equifax’s credit monitoring service, which provides assistance with identity theft detection and resolution.

About Avis and its global presence

Avis is a subsidiary of Avis Budget Group, a leading global mobility solutions provider that also owns Zipcar, the world’s leading car-sharing network. Its Avis and Budget car rental brands operate over 10,000 rental locations in 180 countries across North America, Europe, and Australasia. Avis Budget Group has reported more than $3.0 billion in revenues for the second quarter of 2024.

We reached out to Avis for more information about the attack’s nature, the number of affected customers, and the other personal information stolen in the breach, but the company has not responded yet.

Stay informed and protected

Cybersecurity is more important than ever, and we at IT Services are dedicated to helping you stay informed and protected. We encourage you to keep coming back to learn more about the latest cybersecurity news and trends. Together, we can make the digital world a safer place for everyone. If you have any questions or concerns, don’t hesitate to contact us!