How data theft occurs and how to protect against it.

Nowadays, it is increasingly common to see companies and ordinary people falling victim to data theft. This is due to the rise in cyberattacks, which reached a staggering level in 2023.

According to a study conducted by Fortinet, the number of attempted cyberattacks in Latin America hit 63 billion in just the first half of 2023, further emphasizing the need for more investment in cybersecurity.

Additionally, the occurrence of data theft causes financial, operational, and credibility damages to victimized companies.

In light of this, understanding what data theft is, how it happens, and how to protect against it is key to preventing incidents like these. Continue reading this article to learn more about the topic!

What is data theft? Data theft refers to the unauthorized acquisition of confidential or sensitive information from third parties. The intention is usually to exploit this data for personal gain or malicious purposes, thereby preventing access to the companies or the owners of the information.

It's worth noting that the most sought-after data for theft varies according to the objectives of each cybercriminal, ranging from financial, personal, health, business, educational, to even genetic information.

Furthermore, stolen data can be used for various purposes, including financial fraud, identity theft, extortion, blackmail, or corporate espionage.

How does data theft occur on the internet? There is no one-size-fits-all formula for data theft; it largely depends on the entry point that the cybercriminal uses to breach systems. This can include exploiting vulnerabilities, inadequate security practices, or deceiving users. Here are some of the main ways data theft can occur:

• Phishing: Phishing is one of the most common forms of cyberattacks, consisting of sending emails, fake messages, and even fraudulent calls, often impersonating legitimate institutions or known individuals, to deceive victims into clicking on malicious links or providing confidential information.
• Malware: This involves infecting devices with viruses, trojans, and ransomware, allowing attackers to steal data stored on the device or monitor user activities.
• Man-in-the-Middle (MitM) attacks: MitM attacks involve intercepting communication between two legitimate devices without either party—user and websites or platforms—being aware, gaining access to transmitted information, and potentially manipulating communications between them.
• Brute force attacks: In this case, attackers try to guess passwords through repeated attempts until they find the correct combination and gain unauthorized access to systems, accounts, websites, or platforms.
• Software vulnerabilities: This involves exploiting flaws and security vulnerabilities in outdated or misconfigured software, with the goal of obtaining unauthorized access to systems.
• Unsecured Wi-Fi networks: Using public or unprotected Wi-Fi networks can be an entry point for data theft because data can be intercepted by malicious attackers monitoring the traffic.
• Ransomware: Ransomware attacks involve locking files or systems, followed by a demand for payment to restore access—a true data kidnapping.
• Social engineering: This involves the psychological manipulation of users to induce them to reveal confidential information or perform malicious actions that benefit the cybercriminal.
• Exploitation of vulnerabilities: This type of invasion seeks security vulnerabilities in codes, systems, or online assets. The goal is to execute the breach through structural flaws without anyone noticing, thus allowing full navigation of the assets and data theft.

How to protect your company from data theft? Data theft is a consequence of a cyberattack. Therefore, to prevent such incidents, it's essential to examine all the weak points in your company's digital security and understand potential entry points for a breach.

Here are some of the main ways to protect against data theft:

• Strengthening security culture: Create a solid and consistent information security culture. Educate your employees about safe practices through training and workshops. This way, they will be able to identify phishing attacks and abnormalities in communications, as well as reinforce the importance of reporting suspicious activities.
• Security policies: Having well-defined information security policies is crucial for preventing data theft. These should address the functioning of access to sensitive data, the use of personal devices, and online security practices.
• Security tools: Tools like firewalls, antivirus software, and Data Loss Prevention systems serve as essential barriers to prevent malware infections and other types of cyberattacks.
• Software updates: Keep all operating systems and software up to date. This helps to fix potential vulnerabilities and flaws that attackers could exploit maliciously.
• Access control: Implement access control policies, ensuring that only authorized employees have access to sensitive data. Use two-factor authentication and passkeys whenever possible.
• Encryption: Use encryption to protect confidential data, both in transit—during communications—and at rest—stored on servers, clouds, or devices.
• Backup: Regularly back up all information, especially the most strategic data, and store it securely. This can aid in recovery in the event of ransomware or data loss.
• Security testing: Conduct security tests regularly, such as penetration testing or Bug Bounty programs. This allows you to identify and correct potential vulnerabilities in systems and networks before they can be exploited by cybercriminals.
• Incident response plan: Develop a realistic and well-structured incident response plan, considering all possible intrusion scenarios. This ensures a quicker and more effective action in cases of security breaches.

Additionally, staying informed about security possibilities and other cyber threats is crucial for keeping your company protected against data theft. On BugHunt's blog, you can access other articles about key topics in the cybersecurity universe. Click here to learn more.