The Privacy Diaries: Intro to The Cost of Cybercrime on Privacy

As our information is being stored in more places, by more companies, with more risks, how can we feel more secure about the private information we’re sharing online?

Over the last decade, we have seen major data privacy hacks impacting some the biggest world’s largest companies.

• Capital One, one of the largest banks in America, had over 100 Million sensitive data records hacked of people who had applied for credit cards.
• Deloitte, one of the world’s ‘big four’ accounting firms, also known for their high-end cyber security consulting, was hacked, exposing many big clients’ confidential information, including US government departments.
• Marriott hotels kicked last year off with a record-breaking breach of over 383 Million guest’s passport and credit card information.
• Facebook has seen over 540 million user accounts compromised from unsecured data base leaks.
• JP Morgan Chase had 83 million accounts compromised due to there being no two-factor authentication on their online financial accounts.
• Microsoft saw 250 million accounts breached as a result of an email hacking campaign.

The cost of cybercrime in 2019 was over $2 Trillion USD, and it’s projected to hit $6 trillion by 2021.

Centralized and cloud-based networks are at the root of the issue because all information is stored in one central location. Even using a third-party data storage and transmission provider doesn’t ensure your data is secure.

In 2013, hackers got into a third-party air and heating contractor hired by Target and were able to access 40 million customer’s information. Or the ever-infamous Equifax hack of 2017 where 143 million user accounts were breached through a third-party customer complaint portal.

We cannot afford to continue to pay the price of other companies’ negligence’s.

It’s time for us to take power back into our own hands and create an alternative for the world to use that can actually secure our data. With the rise of blockchain technology and the elimination of third-party access, safety and privacy does not have to be compromised.

“The data leaks we witnessed in 2018–2019 had their causes and we believe that the best way of making high-security data privacy services universally available is through the use of blockchain technologies. By refraining from centralized control, we will be removing the weak link from the equation — the third parties,” Jeff Pulver, Co-founder of Debrief explained.

The Debrief team is proud to announce that we’ll be starting a weekly investigative series centered on data hacks and privacy breaches and how blockchain will help change the world of cybersecurity.

Sources:

https://www.nisc.coop/blog/cybercrime-damage-projected-to-hit-6-trillion-annually-by-2021/