Understanding the Ripple Effect: Large Enterprise Data Breaches Threaten Everyone
With the value of data skyrocketing, there has been an increase in cyberattacks against larger enterprises. These organizations often host data for thousands of customers, and the risk from these breaches don’t end after the attack. Spearphishing, extortion attempts, and account takeover attempts often follow. Last year Risk Based Security reported that 5 billion records were compromised in over 6,500 data breaches.
Customer information accessed in data breaches on high-profile enterprises can have a big payout: thousands of dollars on the Dark Web. Not only are large companies being attacked daily, but due to third-party suppliers, they may be much more accessible for hackers than smaller organizations. The “ripple effect” of these breaches can affect everyone from end-users to regulators, and fallout from household-name companies can affect more than their own customers. A notable example of this is the effect of the 2017 WannaCry ransomware attack impacting shipping company Maersk and subsequently inflating prices for consumer goods.