Cyber-crime is nothing new to us. We live in a digital age today, which, on one hand, facilitates us in multiple ways and making our lives that much easier. But on the other hand, these advantages come with the risk of compromising data security, cyber-crimes, and internet frauds. While most of us love shopping online, enter our personal information on multiple online platforms, enjoy the facility of online transactions, and traverse the internet without thinking twice, is it really safe to do so?
Capital One Hack – A Cautionary Tale
The incidents of a data breach are increasing at an alarming rate. One recent incident that created trouble for a lot of people, including multiple businesses, is the Capital One data breach incident. Earlier this year, a hacker hacked into Capital One server and gained access to over 100 million accounts! She gained access to thousands of social security numbers, social insurance numbers, over 80,000 bank accounts, and other personal information of thousands of people including their names, addresses, credit information, and whatnot.
As if that wasn’t enough, the hacker tried to share this information with other parties online. No wonder this is one of the biggest data breaches ever and will have long-lasting effects on not only the credibility of Capital One but also on the customers. The incident affected around 6 million customers in Canada and over 100 million in the US.
The hacker, Paige Thompson, gained access by exploiting a vulnerability in the system. She got in the system through a misconfigured web application firewall. Thankfully, she was arrested before she could cause a lot of potentially irreversible damage.
The company states that it has fixed the problems in the system. Richard Fairbank, Capital One CEO said in a statement, “It is unlikely that the information was used for fraud or disseminated by this individual. I sincerely apologize for the understandable worry this incident must be causing those affected and I am committed to making it right.”
The incident shows that even the slightest vulnerability can turn into a serious security threat that can wreak havoc for any business. Capital One is trying to recover from this major setback. After all, it’s not only the customer information that has been compromised but also the trust of their clients. The company may have recovered the data but it might take them years to rebuild the customer trust that they lost due to a minor vulnerability in the system.
This incident is a cautionary tale every business around the world. Whether you are a CEO of a multinational company or run a small private business, safeguarding the information of your customers should be your number one priority. Take every measure that you can to keep the confidential information of your employees and customers from falling in the hands of those with malicious intents. Stay at the top of your game and keep updating your data security systems regularly to protect the information and assets of your end customers.
For more information on what you can do to protect your self following this hack, please follow along this CNET Article.