In a recent incident, retail giant Target reported that a subset of customer credit card data sold on the 'dark web' appears to be outdated and likely to have been from a third-party data security breach.
According to an announcement by the company, the data on the dark web was for roughly 40 million Target customers' credit card numbers. It is uncertain how the data was released, however, most signs point to a breach at a third-party vendor.
Target is not alone in its data security concerns. Dark Web marketplaces are becoming key sources of stolen data, as cybercriminals pose a grave threat to organizations and corporations that do not implement adequate security measures.
If data is stolen in connection with a dark web breach, the financial and reputational damage can be devastating. Companies can experience significant losses and publicly traded stocks can plummet when consumers lose trust.
Fortunately, there are steps that organizations can take to prevent their data from falling into the wrong hands. Proactive steps such as dark web monitoring, creating robust data privacy policies, and upgrading security software are all key steps to mitigating the risks posed by hackers on the dark web.
Organizations must also have an incident response plan in place if their data is breached. This plan should detail how to properly notify customers so that potential fraud can be prevented and a full investigation can be conducted to discover the source of the breach.
As the threat of cybercrime looms larger and larger, organizations are wise to prepare for the eventuality of a dark web data breach. Consumers will no doubt continue to be vigilant and informed about the safety measures taken by companies that handle their personal information.
This Cyber News was published on therecord.media. Publication date: Fri, 27 Jan 2023 23:22:02 +0000