How much is your data worth?

Huge companies like Equifax have recently felt the full force of the Information Commissioner after the theft of their customers’ data cost them £500,000 in fines.

Uber too has been fined $148 million after failing to report that hackers had gained access to employees personal data, including that of 600,000 driving licences. The hack also saw the theft of the names, email addresses and telephone numbers of 57 million customers from around the world.

The list of businesses suffering data breaches continues to grow with some big hitters among them.

One person’s data is another’s treasure

With GDPR and NIS directive legislation being strictly enforced, stolen data can now cost a business millions of pounds not just in fines, but also in bad publicity, remediation and the potential loss of future business.

One of the most common myths about cybercrime is that people don’t think their data is valuable or that it isn’t important enough for a hacker to take an interest in them.

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Cybercrime happens because information has value

From bank account details to your Netflix login, every piece of data has value to someone. According to data compiled by Top10VPN , fraudsters can buy someone’s entire online identity for just $1,200 on the dark web. 

What can be done with stolen data?

Identity theft is a big money earner for criminals. Trade body UK Finance recently released a report showing that scammers stole more than £500 million from UK bank customers in the first six months of 2018.

£358 million of which was as a result of third parties carrying out transactions not authorised by the genuine account holder. The true figure is likely to be far higher as many incidents of cybercrime go unreported,

With 5 million data records being lost or stolen worldwide on a daily basis (58 records per second) you may think that you’re powerless to prevent a data breach.

In reality, many of the breaches that make the headlines could have easily been avoided.

Unpatched software and hardware, weak passwords, poorly secured networks and third-party breaches through a member of a supply chain are the most common ways cybercriminals pilfer data.

Doing the basics such as those actions recommended by the NCSC and implementing the government led Cyber Essentials scheme are a great place in order to protect your data and the data of your customers.

CyberScore™

Automated security scanning via tools such as CyberScore™ is also a great way to ensure that your business remains up to date with the latest patches and vulnerabilities.

CyberScore™ allows you to:

  • Continuously understand your cybersecurity posture
  • Track your progress and watch your cyber health improve as mitigation measures are implemented
  • Track cyber risks across supply chains and third parties without the need for consultants or questionnaires
  • Set minimum standards, hold suppliers and service providers to account
  • Dispense with impenetrable reports. Instead, receive a clear and concise Get Well Plan that can be shared with staff and service providers
  • Dramatically reduce the cost and improve the quality of compliance penetration testing

XQ Cyber also offers a range of incident response and consultancy services such as Penetration Testing, Cyber Posture Assessments and Incident Response preparedness and testing.

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