What’s in YOUR Wallet?

Yesterday, Capital One announced a breathtaking breach of 100 million accounts within its system, thus compromising the private data of a significant percentage of Americans in one single incident. The scope of the breach is comparable to the Equifax breach in 2017, which Equifax had acknowledged affected 143 million Americans.

The question of “how can this keep happening?” should, by now, be replaced with “when is the next big one?” Is this even a “big one?” Breaches like the one announced by Capital One yesterday are the new normal.

From the consumer side, people who think their private information may have been breached can take a few steps towards solace. One is, obviously, check your credit card statement and make sure there are any goofy charges on there. If you want to take it step farther, you can freeze your credit reports, which would prevent anyone from opening a new credit card account with your information. Third, change your passwords.

The issue of compromised passwords is all the more alarming when considering that most people still use the same password on all of their accounts. So, if when your password is finally compromised, it is essentially compromised everywhere. Here’s a hint, chances are good that by the time you find out about a breach, it’s way too late. The name of the game nowadays is detection, not prevention. This means there is some acknowledgement from the establishment that preventing breaches is a losing battle, and many security groups are re-focusing their attention on just making sure that the breaches that do occur actually get noticed.

So, what does the Capital One breach tell us from the perspective of a data controller? See above. One takeaway here is that if Capital One, Equifax, Marriot, Yahoo!, Myspace (when was the last time I said those two in one sentence? 2003?), Under Armor, Uber, Target, Home Depot, and countless others have been unable to thwart 100% of all data breach attempts, what makes you think you can?

One common misconception on that theme is that it’s only the big boys that are being targeted. That couldn’t be farther from the truth though. According to the Verizon 2019 Data Breach Investigations Report, 43% of cyber-attacks target small businesses.

The takeaway here is that if you don’t already, you need to have a plan for what happens when it happens.

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