![]() Fraudsters use emails (phishing), phone calls (vishing), or text messages (smishing) to get individuals to provide additional personal information. If fraudsters don’t get all the information they need from a data breach, they may target individuals with further hacking or social engineering to get more information. iii Additionally, accounts or cards opened in an unsuspecting victim’s name can wreck their credit score-impacting their ability to buy a house, rent an apartment, buy a car, or change jobs.įixing a credit history damaged by fraud can be a costly, difficult, and time-consuming process for the victim. Innocent people lose money, at an average rate of $221 for each stolen record. Unfortunately, the breach of privacy is only the beginning-hackers buy and sell stolen records on the dark web, and fraudsters quickly start leveraging personal information for financial gain. When a data breach occurs, personal information is exposed, representing a significant breach of privacy. The devastating effects of a data breach for victimized individuals Regardless of where a data breach occurs, from large retailers to credit card companies or massive government databases, individuals and financial institutions often bear the brunt of the damages. In addition to losing customers and reputation, financial institutions face serious financial repercussions from regulators, reimbursing customers, and defending against class action lawsuits. For financial institutions, which are often the target of fraudsters armed with stolen records, the scope of the damage can be extreme, as customers lose faith in banks that have been breached or where they have been defrauded. The frequency and breadth of data breaches pose a very serious threat to your customers, enabling hackers to move money, make fraudulent purchases, and ruin credit scores. i In the last four years, over 9 trillion data records have been lost or stolen, ii putting everyone’s information at risk. Rival bids for JP9102 are also being led by defence giants Lockheed Martin, Airbus, Boeing and Northrop Grumman.Every second, 60 data records – many of which contain private customer information – are compromised in a data breach. Joint Project 9102, the Australian Defence Satellite Communication System, aims to increase the resilience, agility and flexibility of defence's military satellite communications capability in a contract worth up $4 billion. Last year, Optus teamed up with American-owned defence giant Raytheon and French-owned firm Thales as Team AUSSAT, to bid for a project to create a new military satellite communication capability for Australia. Industry figures believe the federal government's strong criticism of Optus for its handling of the cyber-attack does not augur well for the Singaporean-owned company's defence business, with its chances of securing a lucrative new satellite contract all but over. In April, the lifespan of the so-called "hotbird", which has commercial Ku-band transponders operating in beams covering Australia and the region, was extended for more than a decade under a $405 million deal. ![]()
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