Notifiable Data Breaches Quarter 2 Update

We are sure you have heard about the Notifiable Data Breaches (NDB) Scheme. If you haven’t then please read more about it in our previous blog post which explains more about the NDB and how your business could be impacted by it.

As a Managed Security Provider (MSP), LOOKUP needs to be at the forefront of all cyber threats to ensure our clients stay protected. With this new legislation in place, it provides more insights into the cybersecurity field. We can better understand which businesses are being targeted, what information is being stolen and how these breaches are occurring. This information is crucial, especially in a field as dynamic and evolving as digital security.

Visual Breakdown of the NDB

Number of Notifications

From late February, there has been a total of 305 notifications. Out of these 305 notifications, 242 of these were received from the April – June quarter. With this exponential growth, the 3rd quarter is predicted to surpass this number. With the growing number of incidents being reported we want to ensure you are aware that your business needs to be protected.

What Information is being Stolen?

From the report, we can tell that the main information being targeted includes contact information, financial details and identity information. With this information in the wrong hands, the damage that could occur to not only your business but your personal life could be disastrous. Do you know how to combat hackers from stealing this valuable information?+

Breakdown of the personal information being stolen 

How are these breaches occurring?

So how are these breaches occurring? This is probably one of the most important questions when dealing with Cybersecurity. We can see that the leading cause of data breaches are Malicious or Criminal Attack comprising 59% of breaches. What a surprise…

More and more hackers are utilising a range of tools to gain your information. The most common ways in which a hacker gains access to your information includes:

• Phishing – An attack in which the target is contacted by email or text message by someone posing as a legitimate institution to lure individuals into providing personal   information, sensitive information or passwords
• Malware – Software which is specifically designed to disrupt, damage, or gain unauthorised access to a computer system
• Ransomware – A type of malicious software designed to block access to data or a computer system until a sum of money is paid or other conditions are met
• Brute Force attack – Automated software is used to generate a large number of consecutive guesses as to the value of the desired data, for example, passwords
• Stolen or Compromised Credentials – Credentials are compromised or stolen by methods unknown

Human Error makes up of 36% of the source that the Data Breach occurs. Therefore it’s important to ensure that staff are constantly updating their training on Cybersecurity. Phishing is the most common way in which hackers can gain access to your data but with constant staff training, the threat of phishing drastically reduces. This will lower the rate of human error and help your systems remain secure.

LOOKUP keeping your business Secure

LOOKUP predicts that these numbers will only worsen within the next quarter. All businesses are being targeted in a range of attacks and it’s important to have a security plan in place. If you think your business is vulnerable contact LOOKUP and we will be able to help protect your business. Here is an additional link to the full report.