How Your Company Can Prevent Costly Data Breaches?

Data is valuable, but a data breach can make it even more valuable to the wrong people. The nation of Ecuador experienced a massive data breach of epic proportions. While much of the information belonged to citizens that are deceased, the remainder was for nearly 7 million minors. What can you do to prevent this, and the expense that comes with it?

A firm known as vpMentor recognized the problem while conducting a “wide-scale web mapping project”. Identifying the breach starts with the company scanning ports. During the scanning process, this is when any vulnerabilities are discovered. These are found when “IP blocks” are discovered,indicating that a database is open. Tracing the damage back to the original source is easier, but it means that someone has to face the harsh reality.

Information for more than 20 million people is at stake, and the impact hasn’t been fully realized. The information that has been compromised is critical, including bank account numbers as well as tax information and more.

The breach gave way to even more detailed information including the account numbers for accounts, balances, credit types, and even corporate tax ID numbers. While the population ranges between 16 and 17 million people, it’s clear that a majority of the compromised information is from deceased individuals.

There was also enough information for individuals to gain the ability to take over account information. This information includes items that are end of the road, including names, birthdays, addresses, phone numbers, passwords, and more.

This event will cost millions. What can be done to help your company prevent a data breach?

How Your Company Can Prevent a Data Breach

The cost of compromised data, with this size event, will total more than $3 billion dollars. Although it may seem far-fetched at first, it is certainly worth considering that this was all tipped off by a third-party vendor.

This means that working with a vendor requires you to look at your vendor a bit closer. Are they prepared? Any vendor that you choose to work with for your company, will need to be mindful of their own security.

When you work with a vendor and they have access to your customer database, you must be careful that this can impact your database as well. Research your vendors in advance, and research every facet of how they manage their business prior to signing a contract with them.

It’s also important that you assess your data assets. Are they on lock down? Every department in your company should be dedicated to your privacy. This is the only way that you can ensure that your company will be able to adequately prevent a massive breach in data.

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