A Data Breach refers to the unauthorized access, disclosure, or acquisition of sensitive or confidential information by an individual, group, or organization. This may occur through various means, such as hacking, malware attacks, insider threats, or accidental exposure, resulting in the compromise of personal, financial, or proprietary data. Data breaches can have significant consequences, including identity theft, financial fraud, reputational damage, and regulatory penalties.
The escalating threat of cyber security crimes and the heightened risk of data breaches underscore the pressing need for businesses to address and mitigate these risks. Despite the challenges posed by rapid changes, proactive identification and management of cyber risks are possible through effective prevention efforts and careful planning, offering a pathway to safeguard your company.
The ongoing coverage of the substantial Equifax data breach highlights its significance. With over 143 million American consumers potentially affected, if you possess a credit report, you may be among those whose sensitive personal information was compromised.
A new Connecticut law mandates that consumers be notified of a data breach within 90 days of discovery and requires at least one year of free identity theft protection for breaches involving Social Security Numbers. Attorney General George Jepsen emphasized that his office will continue to scrutinize breaches and take enforcement action against companies that unreasonably delay notification, even if they comply with the 90-day limit.
In the modern business environment, companies storing customer data and utilizing technology must remain vigilant against the potential risks of cyber/data breaches. Those providing technology services or accessing third-party data need to exercise heightened diligence as their exposure extends beyond their immediate clients to encompass all customers of those clients.
2014 has been dubbed “The Year of the Data Breach,” highlighting the growing risk of privacy violations for businesses of all sizes. Data breaches can cost companies millions, with the Target breach alone costing $148 million. Beyond direct costs, breaches can severely damage a company’s reputation and lead to lost sales.
Two months after Target revealed a massive data breach affecting 40 million debit and credit card accounts, the financial repercussions are becoming evident. The rising costs tied to this breach highlight the growing concerns about cybersecurity and its impact on businesses and customers alike.
Since January 2010, over two million Massachusetts residents have been impacted by data breaches, with 25% attributed to deliberate hacking and 15% involving theft of credit card numbers. The recent Sony breach exposed personal data of over 100 million customers, illustrating the pervasive threat of cyber attacks across businesses of all sizes.
Murphy Insurance Agency provides insurance solutions across Massachusetts and New England. Where you live is not a barrier to our assisting you. We are proud to serve the communities where our customers live and work, including Acton, Ashland, Ayer, Bellingham, Berlin, Blackstone, Bolton, Boston, Boxborough, Boylston, Chelmsford, Clinton, Concord, Devens, Dunstable, Fitchburg, Foxborough, Framingham, Franklin, Groton, Harvard, Holliston, Hopedale, Hopkinton, Hudson, Lancaster, Leominster, Littleton, Lunenburg, Marlborough, Maynard, Medfield, Medway, Mendon, Milford, Millis, Millville, Natick, Norfolk, Northborough, Northbridge, Pepperell, Sherborn, Shirley, Shrewsbury, Southborough, Sterling, Stow, Sudbury, Townsend, Upton, Uxbridge, Wayland, Westborough, Westford, Weston, Whitinsville, Worcester, and last but not least, Wrentham.