Understanding data breach: What happens to stolen data?

Image source: threatpost.com

 Data breach has made headlines several times in the past few years. It occurs when cybercriminals successfully infiltrate the data centers of companies and steal a data in the bulk, usually hundreds of thousands to millions of entries in a database. Stolen data usually comes in the form of user data such as names, birthdates, email addresses, passwords, phone numbers, and even financial information like insurance card numbers and credit card numbers. What happens to these stolen data when cybercriminals get their hands on them?

The first move of a cybercriminal after a successful data heist is to sell the information in the deep web. The more information embedded in these personal accounts, the higher the price. From here, cybercriminals can buy these accounts to do their dirty work.

Image source: pcmag.com

One of the most harmful effects of data breach is identity, bank, or insurance fraud. Cybercriminals can use the stolen information to access banks, use a person’s insurance, or generate fake identification cards. To make matters worse, the victim of stolen identity or credentials remains unaware of the fraud until it’s too late. Some cybercriminals can conjure fake identities complete with birth certificates, drivers license, and insurance documentation.

Another way cybercriminals use these information is by sending ransomware or malware to the victims through e-mail messages. They can also pretend to be e-mail messages from banks containing links that would require users to input their credentials in a fake website.

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