On February 17th, 2024, we learned that one of the greatest banks in the US suffered a “Massive Data Breach” that had left 57,028 people’s private information, such as social security numbers, exposed.to hackers. Think about this number for a second: TD Garden, which hosts Boston’s NBA and NHL franchises, can fit slightly under 19,000 souls. Well, now imagine two and a half TD Gardens packed. That is how many victims this cyberattack caused.
Data theft is simply one of the multiple possible consequences of a security breach.
Below, please find a list of 4 other very common consequences of a successful cyberattack:
- Financial Loss: Imagine you arrive one day to the office, log in to your company’s bank portal, and find out that almost everything has been transferred outside of your account.
- Litigation: We live in the country of suing. Rest assured that if for whatever reason your clients’ data is revealed (just like in the BofA example above), those individuals will press charges.
- Identity Fraud: You arrive at the bank you manage and see a massive line of angry people waiting at the branch’s door. You immediately go on your phone, check Instagram, and observe that your bank’s Instagram account has posted that they are bankrupt and cannot pay the deposits back. You know it cannot be true, but how are you going to explain this issue to your customers?
- Increase Cybersecurity Expenditure: You have now been hacked several times. What do you do? You change company – usually to a more expensive one – with the hope that the attacks will finally be stopped.
No one deserves to go through a security breach. Transitioning from the old paperwork to a digital setup is a sign of growth for any company. However, the happiness of adapting to the new technologies can easily turn into desperation if one does not invest in the right IT security company.
Do not let this happen to your company.