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What happened: Proskauer Rose, an international law firm headquartered in N.Y. city, is in hot water after GrayHatWarfare discovered an exposed cloud server containing sensitive client data. The data had reportedly been exposed for over six months and linked to Proskauer’s mergers and acquisitions business. It had been stored on a Microsoft Azure cloud server that the company claims had not been properly secured. Why it matters: Data breaches can often have harmful consequences for businesses. Data from Security Intelligence shows that 60% of small and medium-sized businesses (SMBs) will shut down within six months of an attack. This is due to the expenses involved in dealing with the aftermath of a data breach, possible legal penalties, and reputational damage, which can result in lost sales. What the numbers say: According to a report by the Identity Theft Resource Center, data breaches are on the rise. In 2022, there were 1,802 publicly recorded data compromises, the second-highest number of data events in a single year since 2010. The report also found that more than 400 million people were affected by data breaches in 2022. Brands that should care: All companies and industries should be concerned, but industries most affected by data breaches include social networks, telecommunications, gaming, education, technology, government, retail, and finance. |
