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John Hanley of IBM Security shares 4 key findings from the highly acclaimed annual Cost of a Data Breach Report 2023 What is the IBM Cost of a Data Breach Report? The IBM Cost of a Data Breach Report is an annual report that provides organizations with quantifiable information about the financial impacts of breaches. With this data, they can make data driven decisions about how they implement security in their organization. The report is conducted by the Ponemon Institute and sponsored, analyzed, and published by IBM Security. In 2023, the 18th year the report was published, the report analyzed 553 breaches across 16 countries and 17 industries. According to Etay Maor, Senior Director of Security Strategy at  Cato Networks , "We tend to talk a lot about security issues and solutions. This report puts a number behind threats and solutions and provides a lot of information to support claims of how a threat actor, a solution or a process impacts you financially." Key Finding #1:...

The largest known hack of user data in the history just got tripled in size. Yahoo, the internet company that's acquired by Verizon this year, now believes the total number of accounts compromised in the August 2013 data breach, which was disclosed in December last year, was not 1 billion—it's 3 Billion . Yes, the record-breaking Yahoo data breach affected every user on its service at the time. Late last year, Yahoo revealed the company had suffered a massive data breach in August 2013, which affected 1 billion user accounts . The 2013 hack exposed user account information, including names, email addresses, telephone numbers, dates of births, hashed passwords (using MD5), and, in some cases, "encrypted or unencrypted security questions and answers," Yahoo said in 2016. At that time, Yahoo did confirm that hackers did not obtain bank account details or credit card information tied to the Yahoo accounts. The data breach was attributed to state-sponsored ...

First notified in November of a data breach incident, popular clothing retailer Forever 21 has now confirmed that hackers stole credit card information from its stores throughout the country for several months during 2017. Although the company did not yet specify the total number of its customers affected by the breach, it did confirm that malware was installed on some point of sale (POS) systems in stores across the U.S. at varying times between April 3, 2017, and November 18, 2017. According to the company's investigation, which is still ongoing, the malware was designed to search for and likely steal sensitive customer credit card data, including credit card numbers, expiration dates, verification codes and, in some cases, cardholder names. Forever 21 has been using encryption technology since 2015 to protect its payment processing systems, but during the investigation, the company found that some POS terminals at certain stores had their encryption switched off, whic...

A U.S. federal court jury has found former Uber Chief Security Officer Joseph Sullivan guilty of not disclosing a 2016 breach of customer and driver records to regulators and attempting to cover up the incident. Sullivan has been convicted on two counts: One for obstructing justice by not reporting the incident and another for misprision. He faces a maximum of five years in prison for the obstruction charge, and a maximum of three years for the latter. "Technology companies in the Northern District of California collect and store vast amounts of data from users," U.S. Attorney Stephanie M. Hinds  said  in a press statement. "We expect those companies to protect that data and to alert customers and appropriate authorities when such data is stolen by hackers. Sullivan affirmatively worked to hide the data breach from the Federal Trade Commission and took steps to prevent the hackers from being caught." The 2016 breach of Uber occurred as a result of two hackers ...

The Nation's second largest Health insurer company, Anthem , alerted its customers on Wednesday that hackers had stolen the personal information of over 80 Millions of its customers, making it the largest data breach and double the number of payment cards affected by Target data breach occurred in 2013. The stolen personal information includes residential addresses, birthdays, medical identification numbers, Social Security Numbers, email addresses and some income data belonging to both current and former customers and employees, including its own chief executive. 80 Million is a vast number — it's roughly the populations of California, Texas and Illinois when combined together. So far, there is no evidence whether financial or medical information of the company's customers was compromised, according to a statement given by Anthem's vice president, Kristin Binns. The health giant, based in Indianapolis, has hired cybersecurity firm FireEye's Mandiant division to wo...

Hardly a day goes without headlines about any significant data breach. In past year, billions of accounts from popular sites and services, including LinkedIn , Tumblr , MySpace , Last.FM , Yahoo! , VK.com were exposed on the Internet. Now, according to the recent news, login credentials and other personal data linked to more than one Million Yahoo and Gmail accounts are reportedly being offered for sale on the dark web marketplace. The online accounts listed for sale on the Dark Web allegedly contain usernames, emails, and plaintext passwords. The accounts are not from a single data breach; instead, several major cyber-attacks believed to have been behind it. The hacker going by the online handle 'SunTzu583' has listed a number of cracked email packages on a series of dark websites, HackRead reported. Here's the Full List of Accounts and their Prices: 100,000 Yahoo accounts acquired from 2012 Last.FM data breach , for 0.0084 Bitcoins ($10.76). Another 1...

Another day, another data breach. This time a fast-fashion retailer has fallen victim to payment card breach. American clothes retailer Forever 21 announced on Tuesday that the company had suffered a security breach that allowed unknown hackers to gain unauthorized access to data from payment cards used at a number of its retail locations. The Los Angeles based company, which operates over 815 stores in 57 countries, didn't say which of its stores were affected, but it did note that customers who shopped between March and October this year may be affected. Forever 21 learned of the breach after the retailer received a report from a third-party monitoring service, suggesting there may have been "unauthorized access to data from payment cards that were used at certain FOREVER 21 stores." Besides this, the company also revealed that it implemented encryption and token-based authentication systems in 2015 that are intended to protect transaction data on its point-...

Home Depot , the nation's largest home improvement retailer, announced on Thursday that a total of 56 million unique payment cards were likely compromised in a data breach at its stores, suggesting that the data breach on Home improvement chain was larger than the Target data breach that occurred last year during Christmas holidays. The data theft occurred between April and September at Home Depot stores in both the United States and Canada, but the confirmation comes less than a week after the retailer first disclosed the possibility of a breach. " We apologize to our customers for the inconvenience and anxiety this has caused, and want to reassure them that they will not be liable for fraudulent charges, " Home Depot CEO Frank Blake said in a statement. " From the time this investigation began, our guiding principle has been to put our customers first, and we will continue to do so. " It is believe that the cybercriminals successfully compromised the...

Ride hailing giant Uber  disclosed  Thursday it's responding to a cybersecurity incident involving a breach of its network and that it's in touch with law enforcement authorities. The New York Times first  reported  the incident.  The company pointed to its tweeted statement when asked for comment on the matter. The hack is said to have forced the company to take its internal communications and engineering systems offline as it investigated the extent of the breach. The publication said the malicious intruder compromised an employee's Slack account, and leveraged it to broadcast a message that the company had "suffered a data breach," in addition to listing internal databases that's supposed to have been compromised. "It appeared that the hacker was later able to gain access to other internal systems, posting an explicit photo on an internal information page for employees," the New York Times said. Uber has yet to offer additional details abou...

Atlanta-based consumer credit reporting agency Equifax has been issued a £500,000 fine by the UK's privacy watchdog for its last year's massive data breach that exposed personal and financial data of hundreds of millions of its customers. Yes, £500,000—that's the maximum fine allowed by the UK's Data Protection Act 1998, though the penalty is apparently a small figure for a $16 billion company. In July this year, the UK's data protection watchdog issued the maximum allowed fine of £500,000 on Facebook over the Cambridge Analytica scandal , saying the social media giant Facebook failed to prevent its citizens' data from falling into the wrong hands. Flashback: The Equifax Data Breach 2017 Equifax suffered a massive data breach last year between mid-May and the end of July, exposing highly sensitive data of as many as 145 million people globally. The stolen information included victims' names, dates of birth, phone numbers, driver's licens...

Today's businesses run on data. They collect it from customers at every interaction, and they use it to improve efficiency, increase their agility, and provide higher levels of service. But it's becoming painfully obvious that all of that data businesses collect has also made them an enticing target for cybercriminals. With each passing day, the evidence of that grows. In the last few months, we've witnessed massive data breaches that targeted  Neiman Marcus ,  Facebook , and the  Robinhood  stock trading app. And they're hardly alone. In recent years, the number of data breaches worldwide has averaged  close to three per day . That statistic suggests that the average business has a target on its back and is running out of time to mount a defense of its data. And doing so doesn't have to be difficult. To help, here's a simple 5-step framework businesses of all sizes can use to protect their customer data. Step One: Review and Adapt Data Collection Standards ...

IBM's 2023 installment of their annual " Cost of a Breach " report has thrown up some interesting trends. Of course, breaches being costly is no longer news at this stage! What's interesting is the difference in how organizations respond to threats and which technologies are helping reduce the costs associated with every IT team's nightmare scenario.  The average cost of a breach rose once again to $4.45 million, increasing 15% over the last three years. Costs associated with escalation and detection have rocketed up 42% during the same period. With that in mind, I was surprised to learn that only 51% of the breached entities surveyed by IBM decided to bolster their security investments, despite the rising financial consequences of dealing with a breach. Headline stats around breach costs are interesting – but can digging into these trends actually help you save money? Organizations want to know where to invest their security budget and which technologies offer the bes...

What are the key considerations security decision-makers should take into account when designing their 2020 breach protection? To answer this, we polled 1,536 cybersecurity professionals in The State of Breach Protection 2020 survey ( Download the full survey here ) to understand the common practices, prioritization, and preferences of the organization today in protecting themselves from breaches. Security executives face significant challenges when confronting the evolving threat landscape. For example: What type of attacks pose the greatest risk, and what security products would best address them? Is it better to build a strong team in-house, outsource the entire security operation, or search for a sweet spot between the two? What type and level of automation should be introduced into the breach protection workflows? The State of Breach Protection 2020 survey provides insights into these questions and others. Here are a few of the insights the survey unveils: 1)...