Data breaches have existed long before the digitalization of the business and enterprise environment.
Data Security Breach
But since companies have migrated towards digital storage mediums, they have come to rely heavily on Internet-connected devices, which generated an increase in the number of exploitable access points that led to data breach occurrences. As such, data breach prevention strategies have become an integral element in an organization’s ability to manage and protect sensitive data. A data security breach is an intentional or unintentional security violation where sensitive data is accessed, copied and transmitted to an unauthorized external party which may use it for their benefit. The type of data targeted by attackers ranges from financial information like credit card or bank details, social security number, personally identifiable information, health records, corporate trade secrets, as well as any type of intellectual property.
Data breach causes:
- external attacks – a cybercriminal can exploit a vulnerability in a system to get hold of a company’s database;
- spyware – malicious software that infects a system to extract sensitive data;
- phishing – a type of attack in which malicious actors steals the credentials of an employee with the goal of impersonating them to get access to company secrets and other private information;
- faulty or misconfigured access control mechanisms;
- an employee who leaks sensitive data by mistake or with the goal of harming the company.
The problem with data security breaches is that there are no security products that can fully protect a company from data breaches, its impact can be lessened through a series of preventive measures and internal company policies:
- implementing a nondisclosure policy to protect confidential information;
- conduct regular vulnerability and penetration testing;
- data encryption;
- segmenting data to slow down attackers in case of a breaches;
- enforce the principle of least privilege – give employees minimum permissions and administrative rights to perform their job functions;
- formulate an incident response plan – a comprehensive list of procedures and rules to be implemented when a data security breach occurs to diminish its impact.
Designed with security in mind, Modex BCDB is a middleware software solution that supports companies and enterprises to create a secure environment for their sensitive data. By combining the benefits of blockchain technology and complex access permission mechanism, businesses can benefit from real-time backup, information traceability, data integrity, distribution, elements which help lay the foundation for a highly tamper-resistant data ecosystem.