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Joe Anglesatri owned two small magazine shops in Chicago, both of which were hacked after someone unknowingly planted a software program on his cash registers. The software sent his customer’s credit card information to Russia, and MasterCard was the first to inform him of the data breach. The entire fiasco cost Anglesatri $22,000 for his two small newstands.
April 6, 2021: Over 500 million LinkedIn user profiles were discovered on the Dark Web. The hackers shared two million of these LinkedIn records for only $2 total to prove the legitimacy of the information in the stolen data. The LinkedIn account users’ data was scrapped or imported from the website into a database, and includes names, LinkedIn account IDs, email addresses, phone numbers, gender, LinkedIn profile links, connected social media profile links, professional titles, and other work-related personal data.
June 21, 2021: A third-party vendor accidentally posted an unsecured database containing more than a billion search records of CVS Health customers. The 204 GB leaked database was not password protected and included visitor and session IDs, device information, configuration data, as well as multiple records for medications, including COVID-19 vaccines and CVS products.
The advent of digital technology has created a huge number of possibilities for data thieves and with the uprising of data breaches many businesses have begun to look towards cyber insurance. Cyber insurance policies are based on the confirmation of specific cybersecurity procedures already in place. This means that, even if your business fulfills the minimal requirements of regulatory compliance, you may still be out of luck.
Some of these compliances look like: