Fines and Lawsuits Are Adding to the Cost of Corporate Data Breaches
MIN READNov 13, 2018 | 10:00 GMT
An employee of Cathay Pacific Airways helps a customer at Hong Kong's international airport on Aug. 7, 2018. The airline was hit by a cyberattack that compromised personal information on up to 9.4 million passengers.
(ANTHONY WALLACE/AFP/Getty Images)
Hackers around the world are constantly probing for network vulnerabilities and seem to score a major cyberattack almost weekly. In the past three weeks alone, HSBC Bank of London reported that its U.S.-based accounts were illegally accessed; hackers compromised an Australian military shipbuilder's personnel files; and Hong Kong airline Cathay Pacific confirmed a breach that affected up to 9.4 million passengers. These criminal and state-backed groups are trying to get personal information such as names, phone numbers, addresses, Social Security numbers, and credit card and banking information. They can sell that data to others who exploit it for financial gain, or use it for more targeted attacks – a national security, as well as a corporate, concern. Now governments in Europe and North America are pushing companies harder to shore up their defenses and fining those that are lax. On top of that, those that lose customers' information are increasingly...