Cybercrime in 2023: Top Companies Fall Victim to Data Breaches - IT GOAT

Cybercrime in 2023: Top Companies Fall Victim to Data Breaches

Cybersecurity Threats & the Future of Cybercrime

The cybersecurity breaches that companies, big and small, are experiencing have increased rapidly in recent years. High-profile attacks have targeted various sectors, including healthcare, finance, retail, government, manufacturing, and energy. Cybercrime is expected to cost the global economy $10.5 trillion by 2025, representing a 15% increase year on year. This article highlights six of the most recent high-profile data breaches, their causes, impacts, and how to protect yourself.

In February 2023, Activision, the video game publisher behind Call of Duty, confirmed that they had experienced a data breach. A hacker used an SMS phishing attack on an HR employee to gain access to employee data, including emails, phone numbers, salaries, and work locations. Although Activision claims the attack was resolved quickly, a security research group investigated the breach and reported that the hacker had also gained access to the company’s 2023 release schedule, along with sensitive employee information.

In February 2023, Google Fi also experienced a data breach due to the T-Mobile data breach that occurred earlier in the year. Google Fi was affected by T-Mobile’s massive data breach, compromising their customers’ phone numbers. This information can be used for phishing attacks, so Google Fi users should be wary of suspicious messages.

In January 2023, T-Mobile discovered that a malicious actor had accessed their systems in November 2022, stealing personal information such as names, emails, and birthdays of over 37 million customers. T-Mobile may “incur significant expenses” from this data breach, in addition to the $350 million they agreed to pay customers in a settlement related to an August 2021 data breach. This has resulted in the loss of T-Mobile’s customers’ trust, and the company is facing severe financial losses.

In the same month, MailChimp, the email marketing platform, suffered a data breach due to a social engineering attack that allowed unauthorized users into an internal customer support tool. The hackers gained access to employee information and credentials, and the company has since identified and suspended those accounts.

Norton Life Lock sent a notice to their customers in mid-January 2023, reporting that over 6,000 of their customer accounts had been breached in recent weeks due to a “stuffing” attack. Gen Digital, Norton Life Lock’s parent company, believes that previously compromised passwords were used to hack into accounts using shared passwords. They recommended changing passwords and enabling two-factor authentication.

In December 2022, Uber announced that a hacker under the pseudonym “UberLeaks” had gained access to over 70,000 Uber employees’ data and posted stolen corporate data. The data breach occurred because of a third-party vendor, Teqtivity, whose mobile device management was compromised. Uber had experienced a cyber attack in the past and did not report it, which led to legal battles and thousands of dollars in fees. After another significant data breach in 2022, they may need to spend more money to upgrade their cybersecurity.

Companies must take the necessary measures to protect their customers’ data and ensure their trust. Businesses must learn from these data breaches and take preventive measures to protect their cybersecurity. Implementing measures like two-factor authentication, regular system updates, and educating employees about cyber threats can help protect against data breaches.

While the above examples of recent data breaches are alarming, it is important to note that these are just a few of the many that occur regularly. As cybercrime continues to evolve, it is critical that businesses of all sizes take proactive measures to protect their sensitive information and that of their customers. Here are some steps you can take to protect yourself from data breaches:

Train your employees: It is essential that your employees are trained to identify and report any suspicious activity, such as phishing emails or suspicious phone calls. This can go a long way in preventing a data breach.

Keep your software up-to-date: Make sure all software, including antivirus and anti-malware software, is updated regularly to ensure that any known vulnerabilities are patched.

Use multi-factor authentication: Requiring more than just a password to access sensitive information can provide an additional layer of protection against unauthorized access.

Use strong passwords: Encourage employees to use strong passwords and to change them regularly. Consider using a password manager to make this process easier.

Conduct regular security audits: Regularly review your cybersecurity policies and procedures to ensure they are up-to-date and effective.

Top Companies with the Most Data Breaches in 2023

Frequent data breaches continue to plague many high-profile companies, causing significant damage and compromise of sensitive information. Among these companies, Facebook stands out as a prime example. Despite being one of the most widely-used social media platforms worldwide, Facebook has suffered repeated privacy issues over the years. The most recent attack occurred in 2021, affecting 533 million users. Prior to that, the company experienced data breaches in 2018 and 2014, which impacted 2.2 billion and 50 million people, respectively.

Yahoo is another notorious victim of multiple cybersecurity incidents. The company was targeted in 2013 and 2014, which resulted in 1 billion and 500 million users being affected, respectively. Its most recent data breach took place in 2017 and impacted 32 million users. Other companies that have been hit by repeated data breaches in recent times include Amazon, Twitter, Microsoft, Uber, AOL, Dropbox, eBay, and more.

But why do some companies repeatedly fall victim to data breaches? There are several common reasons for this, including old vulnerabilities that are not patched, human error such as weak passwords and susceptibility to phishing, and the use of malware by hackers to steal confidential information. Failing to address these issues after the first breach can lead to repeat attacks.

To avoid becoming a victim of company data breaches, businesses must implement a comprehensive cybersecurity solution. At IT GOAT, we offer IT security solutions that protect devices, applications, and networks from cyber threats. Contact us today to learn more about how we can help safeguard your valuable assets.

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