In early 2017, a data breach at the credit reporting agency Equifax resulted in the exposure of the private records of more than 40% of the American public. The breach occurred after Equifax neglected to patch a known vulnerability in their system, and it allowed hackers to access Social Security numbers, drivers’ licenses, addresses, dates of birth, financial records, and more. Equifax eventually reached a settlement with the United States Federal Trade Commission in 2019, but — as is so often the case with big data breaches — the settlement inflicted little real pain on the company. Individual consumers, meanwhile, paid a big price for the company’s inadequate security: their personal information was irreversibly exposed and disseminated.
Could Ransomware Attacks Ultimately Benefit Consumers?
The rising number of attacks are forcing companies to take cybersecurity more seriously.
August 02, 2021
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Summary.
In the past year alone, ransomware attackers have collected hundreds of millions of dollars from the companies they’ve attacked, and companies are realizing that these attacks represent a greater threat to them than traditional data breaches. Why? Because in traditional attacks, hackers ultimately harm consumers, not companies. But ransomware attacks hurt companies directly—which means they’re finally going to feel the need to get more serious about cybersecurity. The author offers a few recommendations for how to get started.