Data Breach And Its Financial Implication

917 words - 4 pages

What is data breach?
Data breach can be considered as an incident which involves the unlawful and unauthorized viewing, access or retrieval of sensitive, confidential or protected data. It is a kind of security breach intended to steal and store sensitive data to an unsecured or unauthorized locations. Data breaches may involve personal information such as transactional information, personal health and insurance information, social security information, organization’s operational secrets and IPs.
Data breach can occur at any place, in any environment and by any medium, however the most common breaches occur due to a hacker hacking into a corporate network to steal unauthorized and sensitive information. However, a great deal of breaches occurs within the organization, which includes an employee viewing unauthorized data or someone else accessing others account to gain personal benefits.
Some of the biggest hacks in history:
American Massive Business Hack: This is considered to be one of the largest hacking ever in which hackers stole 160 million credit and debit card numbers and targeted 800,000 (Beekman). This massive attack which happened over eight years ago hit lot of companies including NASDAQ. Some of these companies include 7-eleven, J C Penny, Hannaford, Hartland, Jet Blue, Dow Jones, Euronet, Visa Jordan, Ingenicard etc. Over seven years, five Russian and Ukrainian used sophisticated hacking techniques to compromise millions of credit card numbers and bank details. This isolated and unexpected operation spanned across the world and resulted in at least $300 million dollar in losses to organizations as well as individuals. The cyber attacks occurred between 2005 and 2012, and many of them were carried out in 2008 and 2009, when financial markets were in a nosedive. Banks and payment processors were targeted, but so were chains like 7-Eleven.
The six accused hackers worked together to steal data, including credit card and debit card numbers, user names and passwords, prosecutors said.
U.S. credit card numbers sold for about $10 each, while Canadian numbers fetched $15 and European numbers earned $50.
The hackers used the data to access accounts and withdraw money, or sold it to middlemen who hawked the information through online forums and other venues, indictments unsealed Thursday in Manhattan and New Jersey said.

Heartland: In January 2009, heartland payment systems disclosed that hackers hacked into their systems which used to process Visa, MasterCard, American Express and Discover card transactions. The system was used to process more than 100 million payment card transaction per year for 175,000 customers (Acohhido).

TK/TJ Max: This is considered to be the largest retain breach till date in which hackers were able to hack Minnesota store Wifi network and stole data from customer’s credit and debit cards at off price retailers TJX, owners of nearly 2500 stores. Hackers are suspected to steal at least 45.7 million...

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