The biggest data breaches of all time: what can we learn from them?

If you’re still wondering why cybersecurity should be at the top of your priority list, then we might have a tiny problem. It’s not a secret that today’s fraudsters have immaculate scamming skills that are putting many companies and internet users at risk.

To this day, many businesses struggle to keep up with the requirements of the ever-changing compliance landscape, not to mention safeguarding all of the important customer data. Not only hefty fines but also reputational loss or significant revenue loss can come off as a result of data breaches.

We’ve prepared a short list of the biggest data breaches that surprised the internet. Keep on reading to learn more about the notorious incidents and how to avoid their damaging consequences.

1. 2021 LinkedIn data breach

This criminal act made an impact on 700 million LinkedIn users when the valuable data was posted for sale on the Dark Web back in June 2021. The hacker, named the ‘God User’, initially published a sample that contained one million records; this way confirming the legitimacy of the data breach.

It was so huge that it affected 92 percent of the total user base, which consists of more than 756 million users. Even though Linkedin denied the data breach, the damage was obvious: millions of stolen personal details, including names, phone numbers, email addresses, and geolocation records.

2. 2014 Yahoo data breach

This time, 500 million accounts were affected by the infamous Yahoo data breach. According to the network, a state-sponsored actor was behind the attack. This resulted in Yahoo later on trying to redeem itself by starting an investigation. Unfortunately, it led to no success. Only after a few years Yahoo admit to being hacked and disclosed that the leaked database was added for sale on the Black market.

3. 2018 Twitter data breach

The beloved social network had a glitch that led to users’ passwords being unmasked. The credentials were left in an internal log, which meant that anyone on the internet could access them. On behalf of Twitter’s defense, the giant advised its users to change their passwords and that it was a minor bug, not a data breach. Twitter didn’t disclose the exact number of accounts that were impacted by the cyberattack.

4. 2013 MySpace data breach

A Russian hacker stole data from more than 360 million MySpace users in 2013 when the network was at its peak. Despite the massive incident’s damage, MySpace publicly disclosed the data breach only a few years later, in 2016. That means between the three years from 2013 to 2016, anyone who put their hands on the stolen data could have taken over an affected MySpace account. The leaked data included names, birthdates, usernames, and passwords.

5. 2013 Adobe data breach

Yet another incident in 2013, this time the target was Adobe. More than 153 million accounts were affected, exposing important data, such as the users’ emails, internal IDs, encrypted passwords, and even the password hints in plain text. The damage was serious since the password hints made it easier for cybercriminals to guess the passwords and access the users’ accounts.

Why data breaches remain an issue

Even if it’s hard to realize how many data points surround us, the aftermath resulting from data breaches is obvious. That’s why data breaches affect various companies every year, at the same time, damaging millions of people’s lives. We might speculate that the future will be brighter in the sense that data breaches will no longer be so common. Despite that, one thing’s clear – without the right tools, understanding, or training, everyone’s a target.

There are different data types

In general, specialists state that business data can become a target when it shows true value to a third party. Since there are different types of data, naturally, some sorts are more valuable than others.

For instance, financial information that includes credit card data and bank account numbers is a great listing for the Black market. Then again, there’s health information, which includes personal health records and valuable information that holds the patient’s medical records and treatment history.

Why data breach is dangerous

It’s not easy to admit that most data breaches happen due to human error. IBM reports that approximately 95 percent of the time, humans are at fault. Opening phishing links, accidentally downloading malware, or having a weak password are only a few examples that contribute to successful data breaches. Security breaches are dangerous because they can happen anytime. That’s why even the slightest mistake is very harmful.

Since every technological component is connected, anyone who has access to your computer or your business network can accidentally leak important information to the outside world. Once that happens, cybercriminals gain unlimited access to other networks, such as external email accounts, social media profiles, bank accounts, and other mobile devices.

You can reduce the risks easier

While anyone can become a target and face the damaging consequences of data breaches, it’s important to understand that today’s technology has its perks. One of the main advantages is that AI-powered automated fraud prevention solutions help businesses and their employees ease the pressure by detecting potential threats online.

For example, Business Verification services allow companies to upgrade their cybersecurity game and minimize human error. Many compliance officers struggle to check multiple data points manually. That’s why such Know Your Business (KYB) automatic platforms are designed. Similar to Know Your Customer (KYC), KYB is a business’ Anti-Money Laundering compliance. It verifies the company’s identity, focusing on other businesses and suppliers.

Suppose you’re a financial institution and you want to partner with a new entity. In that case, you can screen and review the other company with technological, smart solutions easier to determine whether the business is real or if it’s a shell company. This way, businesses that safeguard themselves by integrating Business Verification services are guaranteed that they won’t face data breaches.

Final thoughts

Having good password hygiene isn’t enough. Cybercriminals are getting smarter by the minute, which puts our data at risk. That’s why it’s essential to constantly update your knowledge regarding security and choose automated solutions that help detect and prevent risks easier. With the right tools, all data can be protected from data breach and the damage that it causes.