Emmanuel, a graphic designer, received the biggest shock of his life sometime in 2019. He had attempted but was unable to join the TkTok gang. His email address had already been used to sign up for the app, according to the app.
He was quite perplexed; he was certain he had never signed up before. After attempting multiple times without success, he decided to conduct a name search on the app. To his surprise, he discovered he was already a member of the app and had amassed over 5,000 followers.
That was not all; the account used his photograph as its profile image and promoted Ponzi schemes and other get-rich-quick schemes. Many people, like Emmanuel, are in the dark. Their identities have been stolen from them and they are unaware.
These types of identity theft became possible as a result of the information exposed during data breaches at technology companies. The same data breaches that the majority of tech users overlook.
Many people are unaware that the highly sensitive and private data they provide to technology platforms can be stolen in the event of a data breach. This means that the information you provided when signing up, such as your name, e-mail address, phone number, address, and date of birth, can all be stolen in a well-planned attack.
Armed with this type of information, criminal elements can wreak havoc in a variety of ways, which I will discuss later.
The Danger
From the recent Facebook data breach that exposed the personal information of over 530 million users to the reported leak of the personal information of 1.3 million Clubhouse users and 500 million LinkedIn users, data breaches continue to dominate headlines worldwide.
Within the first nine months of 2019, over 5,183 breaches were reported and over 7.9 billion records were compromised, according to a Risk-Based Security research report.
According to another study conducted by the Better Business Bureau, 22% of small businesses have been the target of cyberattacks. And roughly 11% of these incidents occurred within the last year.
This demonstrates that, despite increased emphasis on data security, cybercriminals are developing new methods for infiltrating, exposing, and profiting from valuable company data.
Regrettably, the alarming increase in data breaches demonstrates that many organizations are woefully unprepared and fail to implement the fundamental security measures necessary to prevent data breaches.
According to a recent Kaspersky study, more than half (57 percent) of recipients do not have a cybersecurity policy in place.
This complacency exposes users to significant risk and places them in the middle of a shark-infested sea. Several of the more severe consequences of a data breach include the following:
1) Identity Theft
One of the most immediate and concerning outcomes of a data breach is identity theft. When personal information such as Social Security numbers, addresses, and birthdates are exposed, cybercriminals can use this data to impersonate individuals. This can result in unauthorized financial transactions, opening of new credit accounts, and even fraudulent tax filings. Victims often face long-term challenges in restoring their identities and financial credibility.
2) Financial Loss
This is one of the most common fears, but many people do nothing until they become victims. The truth is that when personal information is made public, it makes it easier for people to fall for financial scams. Additionally, utilizing an SSN Validator helps track an individual’s earnings over their lifetime and is required for most financial transactions.
Because you have no idea what information scammers have on you, it is prudent to exercise caution. If they obtain all of the permissions necessary to circumvent all safeguards, they can empty your account in a matter of seconds..
3) Foolproof Scams
Cybercriminals often leverage breached data to craft highly convincing scams. With access to personal information, they can create phishing emails, fake websites, and other deceptive schemes that appear legitimate. These scams are designed to trick individuals into revealing even more sensitive information or making financial transactions under false pretenses. The sophistication of these scams makes them difficult to detect and avoid.
4) Invasion of Privacy
Data breaches compromise personal privacy by exposing sensitive information to unauthorized parties. This can include medical records, private communications, and personal preferences. The exposure of such data can lead to embarrassment, emotional distress, and a loss of trust in digital platforms. Additionally, the misuse of private information can have long-term implications for an individual’s personal and professional life.
5) Reputation Damage
For businesses, data breaches can severely damage their reputation. Customers lose trust in companies that fail to protect their personal information, leading to a decline in customer loyalty and potential loss of business. Furthermore, negative publicity and media coverage can tarnish a company’s image, making it challenging to attract new customers or partners. The long-term impact on reputation can be difficult to recover from and may result in significant financial losses.
In Summary
Data breaches in tech companies are a serious threat that can lead to identity theft, financial loss, sophisticated scams, invasion of privacy, and reputation damage. Individuals and businesses must take proactive measures to protect their data and stay vigilant against potential breaches. By understanding the risks and implementing strong security practices, we can mitigate the impact of these cyber threats and safeguard our personal and professional lives.