In an era where data is often considered more valuable than oil, the risks associated with data breaches have never been higher. The past year has been particularly concerning, with several high-profile breaches affecting millions of individuals and businesses worldwide. These incidents underscore the critical need for robust cybersecurity measures. Here, we’ll explore some of the most impactful breaches of the past year, extracting essential lessons for businesses.
The National Public Data Breach
One of the most alarming breaches in recent memory just occurred, affecting the background check company National Public Data. The breach exposed the personal data of billions (yes, billions) of individuals, including social security numbers, financial information, and sensitive government records. The scale of this breach is staggering, with potential repercussions for years to come. Businesses, particularly those handling sensitive information, should see this as a stark reminder of the importance of securing not just the data they generate but also the data they hold on behalf of others.
Lesson for Businesses: Data Segmentation and Access Control. Companies must implement stringent access controls to limit who can view and modify sensitive data. Data segmentation can prevent unauthorized access from spreading across the network, minimizing the impact of a potential breach.
The Ticketmaster Breach
In early 2024, Ticketmaster suffered a significant data breach that compromised the personal and financial data of millions of customers worldwide. This breach occurred due to vulnerabilities in third-party software used by the company. The repercussions were immediate, with customers facing potential fraud and identity theft.
Lesson for Businesses: Third-Party Risk Management. In today’s interconnected world, businesses rely heavily on third-party vendors and software. However, these relationships come with risks. Companies must conduct thorough due diligence before engaging with third parties, continuously monitor their security practices, and ensure that they adhere to the same cybersecurity standards as the business itself.
The AT&T Breach
AT&T, one of the largest telecommunications companies in the world, was also hit by a major breach in 2024—this breach exposed sensitive customer information, including phone numbers, account details, and call logs. The breach was particularly concerning due to the potential misuse of this data for social engineering attacks, where attackers manipulate individuals into revealing confidential information.
Lessons for Businesses: Continuous Monitoring and Incident Response. Businesses must establish robust monitoring systems to detect unusual activity in real-time. Additionally, having a well-defined incident response plan is crucial. This plan should include clear protocols for containing breaches, notifying affected parties, and cooperating with law enforcement.
Other Notable Breaches
While the above cases are among the most prominent, other breaches within the past year also provide critical lessons. One notable incident is the LastPass breach in late 2023. LastPass, a widely used password management service, experienced a severe breach where hackers accessed encrypted vaults containing users’ passwords and other sensitive data. This breach was particularly concerning because it affected the core service that users relied on to protect their online identities.
Lesson for Businesses: Encryption is Not a Panacea. While encryption is a vital security measure, businesses must ensure that encryption keys are stored and managed securely. This incident highlights the need for layered security approaches, including MFA, to protect sensitive data comprehensively.
LibertyID Business Solutions provides customer WISP protocols, advanced information security employee training, third-party vendor management tools, and post-breach regulatory response and notification services. This allows businesses to improve the safeguards surrounding their consumers’ private data and head toward a compliant posture in relation to the federal FTC and often overlooked state regulations. Along with the components mentioned, LibertyID Business Solutions includes our gold-standard identity fraud restoration management services for employees and their families.