In 2021, Verizon found that of the almost 80,000 cybercrime incidents reported, over 5,000 of those incidents were confirmed data breaches. Data theft is a rising problem for all businesses, and as bad actors come up with new tactics, cyberattacks continue to happen more often. We all know that cyberattacks occur, but what happens after a cyber threat steals your data?
This blog explores what happens to your data once it’s in the hands of a cybercriminal. It’s important that you’re aware of the many ways data theft can impact your business. That way, you can learn where your business could improve when it comes to cybersecurity. Here are four of the most common actions taken after a cybercriminal steals your data.
4 Ways Cybercriminals Use Your Stolen Data
1. They Sell Personal Information
One of the biggest threats to organizations is that these criminals can steal your personal information. Things such as names, addresses, phone numbers, Social Security numbers and email addresses are all fair game to be sold on the dark web. Believe it or not, the price for this sensitive information is pretty cheap. According to CompariTech, the average cost for full credentials – which includes your name, Social Security number, street address and birthday – on the dark web is $8 per record.
2. They Distribute Login Credentials
Your usernames and passwords are considered extremely valuable information for cybercriminals. Credential harvesting is when a hacker gathers a compromised user’s credentials for their benefit. IBM reported that credential harvesting made up 7% of cyberattacks in 2021. They can then use these login credentials to get into any of your accounts and steal more of your information.
3. They Commit Financial Fraud
From your credit card numbers to your PIN numbers, your financial information is the main motivation for cybercriminals. According to Verizon, around 90% of bad actors are motivated by financial gain. They can use your bank accounts to pay bills, transfer money to themselves, or perform fraudulent transactions online in your name.
4. They Target Higher Personnel
Cybercriminals can use stolen data to seriously harm your business. Commonly known as whaling, this phishing tactic is when a cybercriminal impersonates a CEO or any other high-ranking official in the company in order to steal sensitive information, money or gain access to their network. From there, they can gain access to spy and infect a network without anyone knowing.
As global tensions continue to rise, it’s more important than ever to take control of your data and keep it safe. Putting steps in place to better protect your network is a great first step to safeguarding your business. If you’re not sure where to start when it comes to data protection, partner with an MSP.
Midwest Networking Services in St. Louis is ready to help protect your business with the best cybersecurity tools. Our experts are here for your business 24/7 and are ready to show you how you could be better defending your business.
If you want to learn more about our cybersecurity solutions, contact us today.