Data Breaches on the Rise: How GRC Solutions Can Protect Your Business

Sep 30, 2024

Data breaches? They are rampant, with no end in sight. What’s critical to know? Everyone has sensitive data that never changes including Social Security numbers, birthdays, or past medical diagnoses. When this information is stolen in a breach, the consequences can be long-lasting and severe. Unlike log-in passwords or a stolen credit card, which can be reset or replaced, Personal Identifying Information (PII) remains with an individual for life. This makes this information highly valuable to cybercriminals.

On the black market, Social Security numbers and similar unchangeable data can be sold to facilitate identity theft, fraud, and even create entirely new identities. The result? Victims can be left vulnerable for years, scrambling to repair the damage.

data breaches

It is precisely because this information can’t be just erased and replaced that makes it so valuable. Reports Trustwave, a single healthcare record —whether you’ve had a child, what type of medical conditions you may have—what your blood type is—can fetch an average of $250 on the dark web–over ten times the value of a credit card number. Thieves profit by selling personal information in bulk rather than individually. For example, selling 100,000 Social Security numbers at a penny each can net $1,000.

A Quick Snapshot of Recent Breaches and What Kind of PII Was Stolen

As of June 18, 2024, 2,741 publicly disclosed incidents resulted in 6,845,908,997 records being breached. Below are some of the largest breaches to hit recently:

In a breach of a global background check service, over 2.7 billion records, including names, Social Security numbers, and addresses, were leaked. This meant decades of accumulated personal data shifted hands. The result was a significant increase in the risk of identity theft.

In another breach of a European unemployment agency affecting 43 million individuals, Social Security numbers, phone numbers, and addresses were compromised.

Hackers also accessed 73 million customer records, including Social Security numbers and sensitive communications data from a U.S. telecommunications provider.

A breach of a global ticketing platform exposed the personal information of 560 million customers, including names, addresses, and payment details.

Personal information from a U.S. retail chain of over 2.3 million individuals was stolen, including names and email addresses, with the potential for further exploitation.

A cyberattack on a U.S. healthcare system saw compromised patient records across 140 hospitals, exposing sensitive medical and personal data.

The data of 750 million users from an Indian telecom provider was sold online, including phone numbers.

A breach of a U.S. financial institution exposed sensitive customer data for over 57,000 individuals, affecting Social Security numbers and account details.

One project management platform suffered when 5 million users had their data, such as names and email addresses, leaked due to a breach.

What’s Next?

As data breaches become more frequent and sophisticated, organizations must adopt robust Governance, Risk, and Compliance (GRC) solutions to protect sensitive information.

How Can SAI360 Help?

SAI360 offers comprehensive GRC solutions that empower organizations to effectively manage their data security risks. With tools to monitor compliance, enforce policies, and provide advanced training, SAI360 helps businesses stay resilient against cyber threats, mitigating long-term risks and ensuring they remain compliant with evolving regulations

Learn more about how SAI360 can support your cybersecurity efforts by exploring our GRC and training solutions.