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million accounts were leaked witnessing a 388% increase in compromised user accounts. million, which is said to have increased by 27% since 2020. Through multi-factor authentication (MFA) and role-based access controls, businesses can limit exposure to potential breaches by restricting access based on job responsibilities.
Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. Reported losses in 2020 exceeded $4.2
FIs may need to provide data to FinTech startups without dedicated cybersecurity teams, for example, which could then be more easily compromised by hackers who will steal sensitive bank customer data. MFA requires customers to prove their identities by providing at least two types of credentials. Fighting Phishing.
The Rising Importance of Data Privacy Regulation The implementation of GDPR in the European Union (2018) and CCPA in California (2020) marked an important shift in global data privacy standards. If a breach occurs, identity data, once compromised, is hard to restore.
Companies charged with protecting people’s data lost ground in 2020, after an abysmal 2019 of breathtaking data breaches. This means that even one compromised account could threaten all others that rely on the same credentials, potentially costing victims a fortune in stolen money and data.”. P2P Is A Double-Edged Sword.
Giving an idea of the scale of the problem, Keepnet Labs’ 2020 phishing report found that 50% of its observed employees opened and read phishing emails, while one in eight answered them. Password management : Using multi-factor authentication (MFA) and password managers. Investing in training for employees can help them feel valued.
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