What is a Data Breach?

Today, nearly everything is stored electronically, including personally identifiable information. Anytime you seek medical treatment, apply for a new credit card, or obtain new employment, your social security number, address, account numbers, address, phone number, e-mail address, and other confidential data are put into a database. Unfortunately, when the systems that store this information are not adequately secured, they may be vulnerable to hacking, cybercrime, and security breaches.

As reported by CNBC, one in ten people are victims of identity fraud each year — and close to one-quarter have been subjected to these types of incidents several times.

According to Security Magazine, at least 36 billion records were exposed in data breaches throughout 2020. Significantly, the cyberattacks spanned across a broad spectrum of government entities and industries. Facebook users, Barnes and Noble customers, school districts, Nintendo users, SBA loan applicants, shoppers of various chain stores, and hospital patients, are just a few examples of individuals who were affected by security breaches.

What are Common Types of Data Breaches?

There are several ways that cybercriminals commonly hack into databases and steal personally identifying information. Phishing attacks are one of the most common types of data breach incidents and can occur when a cybercriminal sets up a website or sends a communication that seems genuine. Hackers in phishing attacks may obtain your information by getting you to click on a link or download an attachment. They may also ask you for certain confidential information under the guise of being a legitimate company.

A malware attack is another way cybercriminals steal personal data. Typically, these incidents involve the use of malicious software to access a network or cause damage. Malware can include viruses, spyware, and various other tactics.

Ransomware attacks are also on the rise. According to the Cybersecurity Infrastructure Security Agency (CISA), ransomware is a type of malware that encrypts files on a device and makes them unusable. Subsequently, a ransom is demanded for decryption. The malicious cyber actors involved in these schemes often threaten to release the stolen data if they do not receive the ransom.

Anyone can be at risk for a ransomware attack. However, according to the Joint Cybersecuity Advisory released by the FBI, CISA, and the Multi-State Information Sharing and Analysis Center, schools have been significantly affected by these incidents during the COVID-19 pandemic.

What Do Cybercriminals Do with Stolen Data?

Most hackers steal data for financial gain. Specifically, stolen personally identifiable information is often used to carry out identity theft crimes. According to Credit Karma, cybercriminals may use personally identifiable information to apply for credit cards, take out loans, steal health insurance, file fake tax returns, use your airline miles, and open various utility accounts.

Depending on the type of record that has been subject to a data breach and the information it contains, the data can be sold by cybercriminals on the internet for anywhere from a few cents to over $1,000. Research findings by Comparitech revealed that hacked PayPal accounts might be worth anywhere from $5 to $1,767. Generally, the more data included in a record, the higher it is valued by malicious cyber actors.

What Can You Do if You’ve Been a Victim in a Data Breach Incident?

If your personally identifiable information was stolen in a data breach that was caused due to the failure of an entity or company to implement proper cybersecurity measures, you may be entitled to take legal action or join a class action lawsuit. An experienced attorney can best advise you concerning your legal rights and remedies.