As computer and Internet technologies continue to improve and evolve, so do the tactics and infiltration methods of cyber criminals. It’s critical for businesses of all shapes and sizes to ensure their network is always protected. Network security measures need to be updated and tested frequently in order to prevent the loss of any important company or customer data. If you’re business isn’t adequately protected from hackers, you could end up like one of the companies included in our list of some of the worst cyber-attacks.
- Mafia Boy Attack on Commercial Websites: In 2000, a 15-year old Quebec boy hacked into multiple commercial websites and shut down their systems for hours. Some of the impacted sites included CNN, Dell, Amazon, Yahoo, and E-Bay. The only reason this “professional hacker” was caught is because he bragged about his achievements in an online chat room. It’s estimated that the juvenile hacker cost $1.2 billion in damages, proving to businesses everywhere that all it takes is one hacker to cripple their productivity and cut revenue.
- Target Loses Credit Card Data: During the holiday season in 2013, Target Corp. was hit by cyber thieves who used a RAM scraper to grab encrypted data by capturing it as it travels though the live memory of a computer, or – in this case – a checkout point-of-sale system. An investigation of the attack revealed that the cyber criminals stole the personal information of approximately 70 million customers. It wasn’t until Internet security blogger, Brian Krebs, wrote about the incident on his website that Target publicly admitted to the data breach. This resulted in a double hit for Target customers – not only was their information compromised, but they weren’t aware of it until long after the incident had occurred, which resulted in some very disgruntled customers.
- Epsilon Emails Hacked: The massive Marketing firm, best known for its big name clients – Best Buy and Chase, is estimated to have a potential loss of up to $4 billion after cyber criminals hacked into their database. The names and emails of millions of customers was stolen in March 2011, which could then be used to create more personalized and targeted phishing attacks. However, the biggest hit was felt by Epsilon – who had a client list of more than 2,200 global brands and handled more than 40 billion emails annually – as they struggled to keep the trust and business of their well-known clients.
- Grocery Retailer Suffers 4 Month Long Breach: That’s right, for 4 months the upscale North American grocery chain experienced a security breach that resulted in the loss of approximately 4.2 million customers’ credit card details. Not only was the incident a black mark on the company’s public image, but it was a huge financial burden for the corporation. Cyber criminals gained access to the sensitive information by installing malware on the store servers, collecting the data from the winter of 2007 until the spring of 2008. It’s estimated that the costs incurred by the attack totaled $252 million.
- PlayStation Network Loses Millions: In 2011, over 100 million customer accounts containing credit and debit card information were stolen by a group of hackers. The breach lasted 24 days, and the hackers were even able to log on while the company was trying to fix the problem – even though dedicated gamers weren’t able to log on. Experts are speculating that this may be the costliest cyber-attack ever, totaling an estimated $2 billion in damages. To make matters ever worse, British regulators fined Sony 250,000 pounds (approximately $396,000) for failing to prevent the attacks by not implementing adequate security. Britain’s Information Commissioner’s Office stated that the security measures in place at the time were “simply not good enough” and that there’s “no disguising that this is a business that should have known better”. So if you’re company isn’t making the time and effort to protect customer data – they’re sure to find out if your system is attacked. Good luck regaining your customer’s trust – and business – after a reveal like that.
Still haven’t convinced you that implementing a variety of security measures to protect your company and customer data is one of the highest priorities? Check out this quick video BuzzFeed created highlighting some more major cyber-attacks.
Not sure where to get started? Here an article on how to train your employees on cyber security – click here.
Blog Author: Vanessa Hartung