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Data Breaches For Your Financial Life

Data Breaches For Your Financial Life

2 Jun 2022
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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 

Humanity Wealth Advisors believes in sharing good knowledge and education. We believe your financial wellness comes from knowing good information– after all, knowledge is power and that’s what we’re all about.

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

We’re the financial advisors you want to come to for affordable financial planning in the Bay Area.

Did someone ask for financial advisors without a minimum asset requirement? That’s us!

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. 

Contact us if online financial advice is crucial to you- we can help you with that. 

 

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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.
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