Data Breaches For Your Financial Life

Data Breaches For Your Financial Life

A data breach is where all your personal information gets exposed to people who don’t have authorization to it. It’s like you telling someone to keep a secret and they go and tell everyone! 

Data breaches tend to occur due to weakness in: 


How Does A Data Breach Work?

Research: attackers look for weaknesses in the company’s security measures

  • People, Systems, Network

Attack: this is where the attacker utilizes their preferred technique to gain access to the data they want 

Initial contact is made via: 

  • Network Attack: occurs when the attacker utilizes infrastructure weakness to obtain access to a company’s network
  • Social Attack: an employee is either deceived into giving up credentials or baited with malicious software
  • Exfiltration: if the hacker is able to successfully extract data once they have access, the breach is considered a success 

Common Causes of Data Breach: 

  • Unpatched security vulnerabilities 
  • Human error [weak passwords, sensitive information spreading, taking phishing bait] 
  • Malware 
  • Insider misuse 
  • Physical theft of a device carrying sensitive data 

Methods Used To Breach Data: 

  • Phishing 
  • Brute Force Attacks 
  • Malware 

What Do Attackers Target In Data Breach Attacks? 

  • Weak credentials 
  • Stolen credentials 
  • Compromised assets 
  • Payment card fraud 

Artifact: Data Breach Introduction and Protection

  • Third party access 
  • Mobile devices 


Practices To Avoid Data Breach: 

  • Patching + updating software 
  • High-grade encryption for sensitive data 
  • Enforcing BYOD security policies [ie: requiring devices to use business VPN or antivirus software]
  • Utilize strong credential creation
  • Lean towards MFA- multi-factor authentication
  • Utilize a password manager 

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The articles we provide are free resources used simply to educate and pass knowledge; a knowledgeable investor is a great investor!

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Data breaches can compromise data which may lead to diversion of financial planning; giving readers information on data breaches helps us meet our goal to educate the general public. 

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More about the author: Harry Sherdil

As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.