Simply put, a data breach refers to an incident in which personal information is taken or stolen from a system without authorization or knowledge from the system's owner. Online cybersecurity attacks are increasingly common, and any size business is subject to these. Businesses today collect many different types of data on their customers, from addresses, names, email addresses, credit card details, Social Security numbers, and more. and all of these types of data are vulnerable to attack.
Both large organizations and small organizations suffer data breaches regularly. Stolen data can involve proprietary, sensitive, or confidential details, including trade secrets or even matters of national security. The target company's reputation can also be harmed because of the subsequent betrayal of trust. Consumers expect that companies are doing everything in their power to minimize the possibility of a data breach. When one happens and information is leaked, customers may choose to work with a different company.
Data breaches have become increasingly prevalent in news stories, leading many people to be concerned about protecting their data privacy. Doing everything possible to minimize your risk of being in a data breach may not be enough, as the companies that collect, store, and use your data could be hacked or could even voluntarily reveal this data to other people.
The United States is home to more data breaches than any other country. In 2021, over 212 million users were affected by data breaches. Within the United States, California is home to more data breaches than any other state across a 15-year period. Many people may assume they don't need the support of a data privacy lawyer or that their information has not been leaked in a data breach. However, a 2021 data threat report identified that nearly half of all U.S. companies, or 45%, suffered a data breach in the last year. Personally identifiable information was the most common type of stolen record, while financial data came in second.
Many data breaches are associated with malware or hacking attacks. There are also other methods that criminals can use to carry out a data breach, including unintended disclosures, payment card fraud, insider leaks, theft or loss, or payment card fraud.
You may or may not be notified by a company that has experienced a data breach. You may not realize that you have been a victim of a data breach until long after it happens, which can complicate your ability to protect yourself. Your information may have already been leaked to somebody else and could fall into the wrong hands. This is especially concerning for anyone who has confidential health, financial, or other personal data that could be leveraged by criminals for many different potential uses.
As the data privacy lawyers at Morgan & Morgan can tell you, a growing number of consumers are coming together in class action lawsuits to pursue data breach claims. Reach out today for more information about a data breach that you believe has compromised your privacy and security.