What Is a Data Breach? A 1-Minute Rundown

first_imgOn the surface, it might seem like Yahoo, Marriott, and Adult Friend Finder have nothing in common. Surprisingly, though, they actually do. But, unfortunately, what they share common ground on is something no company would ever wish on their worst enemy — a data breach.Free Download: Crisis Management Plan & Communication TemplatesYahoo, Marriott, and Adult Friend Finder experienced the three largest data breaches of all time, all occurring from 2013 and beyond. And between the three of them, almost 4 billion user accounts were compromised.If you work at a smaller company, however, you might think a data breach will never affect you. Cybercriminals usually only target huge corporations when they try to steal people’s data. But that doesn’t mean data breaches aren’t a possibility at smaller companies.In 2017, the Identity Theft Resource Center reported a record-high 1,579 data breaches, which is 44.7% more incidents than the previous record high recorded just one year before. Coupled with IBM’s discovery that the average cost of a data breach is a whopping $3.86 million, this prevalent cybercrime could not only plummet consumer trust in your brand but it could also wreak havoc on your bottom line.Data Breach DefinitionA data breach occurs when there’s an unauthorized entry point into a corporation’s database that enables cybercriminals to access customers’ personal data, like passwords, Social Security numbers, credit card numbers, banking information, passport numbers, driver’s license numbers, and medical records. These cybercriminals use this information for fraud and identity theft purposes.There are two types of data breaches — breaches of companies that people trust to secure their personal information, like retailers and banks, and breaches of companies that obtain people’s personal information through second-party data partnerships, like credit bureaus and marketing firms.Unfortunately, most data breaches don’t occur because cybercriminals are leveraging intricate hacking methods to infiltrate companies’ database. They occur because companies are turning a blind eye to patchable rifts in their security, like outdated software vulnerabilities, weak passwords, and malware attacks.To avoid turning into the next Yahoo, Marriott, or Adult Friend Finder, it’s crucial you prioritize security at your company by focusing efforts on data protection, and giving your security team the resources needed to shield your customers’ and company’s data from malicious cybercriminals at all times. Cyber Security Topics: Don’t forget to share this post! Originally published Jan 11, 2019 7:00:00 AM, updated May 13 2019last_img read more

Ontario enlists former bank CEO to help with bid for Amazon headquarters

TORONTO — Ontario Premier Kathleen Wynne says a former banking executive will help guide the province’s bid to become the home of Amazon’s new corporate headquarters.The online retail giant announced earlier this week that it planned to establish a second North American office, and many cities have already expressed their interest in the project.Wynne joined their ranks on Saturday, announcing she had named former TD Bank chief executive Ed Clark as the head of a group tasked with landing the project.Clark, who retired from TD in 2014, now serves as the Wynne’s business adviser.Wynne says he will head a group of business leaders who will work to secure Amazon’s interest in locating its headquarters in Ontario.Toronto Mayor John Tory has already expressed keen interest in bidding to make Toronto Amazon’s next home.Amazon says that it will spend more than US$5 billion to build another headquarters in North America to house as many as 50,000 employees. The technology company plans to stay in its current Seattle headquarters and the new space will be “a full equal” of its current home, said Amazon founder and CEO Jeff Bezos.Cities have until Oct. 19 to apply through a special website, and Amazon said it will make a final decision next year.While many cities will likely be clamouring to make their pitch to Amazon as well, candidates must meet specific requirements to be considered. Key criteria include: a prime location, access to mass transit and proximity to an international airport. Any potential site must have room to grow, as Amazon wants to expand its new headquarters to as much as eight million square feet in the next decade. That’s about the same size as its current home in Seattle.Other Canadian cities, such as Waterloo, Ont., or Vancouver, may also fit the bill.Amazon said its search is open to any metropolitan area in North America that meets the parameters. The city itself doesn’t necessarily have to be one million people, but declined to say how open it was to going outside of the United States.Amazon’s current campus in Seattle takes up 8.1 million square feet, has 33 buildings and 24 restaurants and is home to more than 40,000 employees. At the second headquarters, Amazon said it will hire up to 50,000 new full-time employees over the next 15 years who would have an average pay of more than $100,000 US a year. read more