Security breach recovery has a huge price tag

In a recent Kaspersky Labs report: Damage Control: The Cost of Security Breaches, Kaspersky surveyed more than 5,500 companies in 26 countries to determine the cost of recovery from a security breach. Ninety percent of businesses admitted a security incident and forty percent of businesses surveyed lost sensitive data due to an internal or external security threat. On average, enterprises paid $551,000 dollars….

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When it comes to hacking, the aim isn’t always fraud

The credit data agency Experian could be facing criminal investigations, fines and class action lawsuits, after a hack that compromised the records of 15 million people, all of them customers of the wireless carrier T-Mobile.

And while this may appear just like any other hacking story — there’s a breach, a promise of free credit monitoring, investigations — this time Social Security numbers were among the data compromised. When it’s not just a credit card number, stolen data can create all kinds of headaches.

People can have fake tax returns filed in their name, fraudulant car loans and even mortgages. And when it comes to identity theft, the onus is on the victims. When the fraudsters don’t pay up, banks and loan collectors can come after the victims, instead. And it could take victims of fraud years to clear their name and financial histories.

“Law enforcement can’t deal with the volume” of fraud, said Chester Wisniewski, a senior adviser at the security firm Sophos. “If you approach the FBI, they’re not really interested if the crime is less than $1 million.”

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Why Hackers Say Your Stolen Identity Is Only Worth $1

Criminals are selling your stolen personal data for as little as $1 on the “dark web,” a new report on Wednesday revealed.

The so-called dark web is a heavily encrypted part of the Internet that makes it difficult for authorities to detect the location or owners of a website. It is notorious for hosting marketplaces selling illegal items such as drugs.

Hackers responsible for data breaches at companies often put the information they have stolen on the dark web for others to buy and make use of for financial gain.

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Worst possible outcome for consumers: Over 140,000,000 Americans’ health information disclosed in data breaches

Almost half of Americans’ sensitive health information have been disclosed in data breaches increasing their risk of medical identity theft and medical fraud.

Medical identity theft is the worst possible outcome for consumers affected by a breach….

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