Data breaches at major companies are not slowing down. Last month, Uber shocked cybersecurity experts and customers after disclosing a major data breach that revealed information on 57 million drivers and riders. Not only did Uber keep the breach secret, they paid the hackers a $100,000 ransom to keep quiet.
Since 2013, more than 9 billion data records have been stolen around the globe. In the case of Uber, that included names, email addresses, phone numbers and driver license data. One of the often overlooked implications of a data breach is what fraudsters can do with all that stolen personal information.
“We need to think about what fraudsters do with this breached information,” Frances Zelazny, vice president of marketing at BioCatch wrote in The Hill. “They use it not only to apply for credit under stolen and assumed identities, but also, and perhaps scarier, to refine their social engineering tactics to further their game, take over accounts and dig deeper into insider networks.”
What this means for the future of digital security is that organizations need to stop relying on static and fixed information like passwords, tokens, and name and date of birth information to validate identity. By doing so, information stolen in a data breach would cease to be valuable to fraudsters. As a result, organizations need to raise the bar in defining what strong digital security is, particularly as digital transformation takes hold across all industries and the internet of things matures.For more on the digital security implications of every data breach and the future of fraud prevention, read the full article.