Alexis Kestler
Personal data breaches have become an epidemic in the digital age. As a cybersecurity analyst and technology enthusiast, I want to have an in-depth discussion about this growing threat, its potential impacts on individuals, and the proactive monitoring services people can use to better secure their data in 2022 and beyond. Believe me, with breaches on the rise, learning how to safeguard your personal information is more vital than ever.
Understanding the Surge in Data Breaches
To get perspective, let‘s briefly highlight some key data breach trends:
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According to the Identity Theft Resource Center, the number of U.S. data breaches jumped 68% YoY in 2021 to 1,862 breaches.
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The 2022 Identity Fraud Study by Javelin Strategy found that nearly 1 in 3 consumers were notified of a breach involving their personal data in 2021.
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The average cost of a data breach now stands at $4.35 million globally, according to IBM‘s 2022 Cost of a Data Breach Report.
Several factors are driving the contemporary surge in breaches:
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Growth of the dark web – The more active underground black markets become, the more incentivized cybercriminals are to steal and sell personal data. Cryptocurrencies also facilitate anonymous transactions.
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Work from home – Remote work has expanded the digital attack surface with employees using home WiFi and devices. Home environments lack the security of corporate offices.
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Social engineering – As mentioned earlier, human error and psychology are involved in 85% of breaches. Successful phishing and business email compromise scams offer a major source of compromised data.
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Third parties – Vendors, suppliers, and partners can provide backdoor access to larger entities if their systems are compromised. The supply chain threat has been rising.
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Unpatched software – Despite the risk, many organizations are slow to patch critical security vulnerabilities that can be exploited by attackers to breach networks. This remains a systemic issue.
While organizations bear responsibility for securing consumer data, individuals ultimately need to monitor their exposure and take steps to protect themselves.
Personal Impacts of Data Breaches
The potential consequences of a personal data breach can be severe. Let‘s explore them:
Financial Loss
With access to your bank account numbers, Social Security number, and other details, criminals can siphon money out of your accounts or open fraudulent new lines of credit.
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Javelin Strategy found that the average loss due to new account fraud rose from $1,479 in 2020 to $2,794 in 2021. That‘s a 89% increase!
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Stolen retirement and investment funds may not ever be fully recovered.
Medical/Insurance Fraud
Your breached medical history and insurance details can be abused to file false claims, order drugs from pharmacies, or acquire medical equipment for resale – all billed to your accounts.
- Healthcare data is a top target of hackers. In 2021, the healthcare sector reported 32 million breached records – the most of any industry according to Tenable‘s 2022 Threat Landscape Retrospective Report.
Stolen Identity
Armed with enough of your PII like Social Security numbers and dates of birth, criminals can assume your identity entirely to open lines of credit or gain government benefits.
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Tax identity theft alone impacted 1.4 million U.S. consumers in 2020 who had fraudulent returns filed in their name according to the Identity Theft Resource Center.
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The Javelin study found that identity theft victims lost nearly $10 billion collectively in 2021.
Credential Theft
Once account passwords are breached, attackers can easily take over your social media, email, and other online accounts. Password reuseamplifies this threat.
- According to Microsoft, 579 password attacks occur every second. Credential theft fuels many secondary cybercrimes.
Reputational Harm
Beyond financial damages, breaches that expose your private communications or personal details can lead to reputational harm, social stigma, cyberbullying, and other emotional distress.
Legal Expenses
Identity theft frequently necessitates hiring lawyers, accountants, and other professionals to intricately resolve disputed charges and restore your credit.
- The average victim spends 330 hours resolving identity theft issues at an out-of-pocket cost of $500 to $1,000.
Hopefully this breakdown gives you a new appreciation of how deeply impactful data breaches can be on consumers. The risks are real – now let‘s explore your security options.
Security Services That Help Monitor and Prevent Identity Theft
Here are the top security solutions I recommend individuals leverage to protect their data and accounts in 2022:
1. Password Managers
Password managers like 1Password, Dashlane, and LastPass should be your first layer of defense. They allow you to use securely randomized unique passwords across all accounts. If one password is compromised, all your other accounts stay protected.
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With a master password guarding access, a password manager is far more secure than trying to manually remember countless passwords or reusing the same ones.
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Dashlane‘s 2022 State of Password report found that while 73% of people know reusing passwords is risky, 66% admitted to continuing to do it. Don‘t be one of them!
2. Multi-factor Authentication (MFA)
MFA requires you to enter a one-time verification code from your phone or token when logging into an account – on top of entering the correct username and password. This prevents a criminal from accessing your account even if they steal your password credentials.
- 81% of breaches taken advantage of weak or stolen passwords could have been prevented by enabling MFA according to a Microsoft report. Don‘t skip this free security layer.
3. Identity Monitoring Services
Sign up for a reputable identity monitoring service like LifeLock, IdentityForce, or IDNotify to have your personal information and dark web activity monitored 24/7. If these services detect your data being sold in underground hacker forums or notice suspicious new accounts being opened in your name, they notify you via email or their mobile app.
- In a recent LifeLock study, an alarming 25% of participants had their identities stolen. Don‘t wait until it happens to you.
4. Secured Browsers
Secure specialized browsers like the Comodo Dragon or Tor browsers help defend against web and email-based threats to your accounts by blocking intrusive ads, malware downloads, phishing sites, and other attacks as you surf the web. This protects your online activity.
5. Antivirus & Internet Security Suites
Robust internet security software like Norton, McAfee, and Bitdefender packages provide all-in-one protection including antivirus, firewalls, breach detection, secure VPN, dark web monitoring, identity restoration assistance, and more – backed by dedicated customer support teams.
- The latest NortonLifeLock Ultimate Plus plan brings together LifeLock identity theft protection with Norton 360 antivirus and additional security tools for comprehensive monitoring and breach prevention.
6. Securing Your Accounts
On your end, be sure you‘re doing the basics like enabling MFA everywhere, avoiding password reuse, updating software regularly, avoiding sketchy links/attachments and public WiFi for sensitive logins, and limiting unnecessary sharing of your personal data. Excellent personal cyber hygiene dramatically reduces your exposure.
Final Thoughts
I hope this overview gives you a better grasp of the data breach landscape in 2022 and the importance of leveraging identity monitoring and protection services to avoid becoming a victim. While no single service can provide absolute protection, combining several proactive monitoring and security layers makes it exponentially harder for criminals to access your accounts and leverage your data without your knowledge.
Be vigilant, use unique passwords, enable MFA everywhere, sign up for dark web monitoring, use a secured browser, and consider a robust internet security suite for 2022. Even basic steps like avoiding public WiFi for online banking make a difference. I wish you the best in protecting both your finances and identity this year!
