A cyberattack nowadays has become as common as the flu. Data breaches are no less than CNS paralysis for companies. With incidents like the cyber security breach at Mr. Cooper  and the cyber attack at LoanDepot, knowing precautionary methods for worst-case scenarios like your bank being hacked has become extremely essential.

Data breach attacks are not only dangerous for companies, but they also equally impact consumers. Personal and confidential information like customer names, bank account numbers, and even social security numbers will be jeopardized. And not only will it put a dent in the consumer trust, but it can also cost the organization a fortune to mitigate.

For example, the recent cyberattack on LoanDepot and Mr. Cooper compromised the confidential information of 16.6 million and 14.6 million customers respectively. This security breach will cost Mr Cooper close to $25 million for identity protection.

What are the preventive measures for data breaches?

A data breach attack on significant institutions like banks can lead to multiple unfavorable consequences. In case of an attack, here are some tips to follow.

Seek guidance from the seller

Since every breach is unique, speak with the vendor to learn more about what transpired and heed any particular guidance they may have given.

Look for any updates from the organization in question

To notify impacted consumers and offer further measures in reaction to the assault, your supplier is probably going to publish updates and disclosures regarding the security breach.

Modify your password

By altering a stolen password, you can render it useless to hackers. Select a secure password that you won’t use for any other purposes. Even better, let a password manager make that decision for you.

Turn on two-factor authentication

Make use of a FIDO2 2FA device whenever you can. Just like with passwords, certain types of two-factor authentication (2FA) are susceptible to phishing attacks. 2FA that uses a FIDO2 device is immune to phishing attempts.

Keep an eye on credit records and bank accounts

Keep an eye out for any unusual activities on your credit report and bank statements if you believe that your personal information has been compromised by an attack. Don’t forget to notify your credit card company or bank of any illegal transactions.

Invest in identity theft protection

Using identity theft protection services might help you defend yourself in the wake of an assault. These services scour the internet for any instances in which your data has been misused for loans, credit cards, social networking, or other illicit purposes.

Be wary of fraudulent vendors

You can get calls from thieves pretending to be the vendor. To confirm any connections made through an alternative channel, check the vendor’s website to determine if they are in contact with victims.