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What data breaches teach us about security procedures

The last decade saw countless data breaches with the personally identifiable information (PII) of millions exposed and sent into the realms of the dark web. But while organisations may face fines and reputational damage over lapses in cybersecurity, and consumers could see losses of all kinds, the impact of a data breach doesn’t stop there.

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Labhesh Patel, Chief Technology Officer and Chief Scientist, Jumio.

The recent attempted cyber attacks on Tesco and Boots’ loyalty card schemes show us exactly why. With both of these instances, hackers attempted to use stolen credentials (i.e., usernames and passwords) that had been used on other websites to gain access. This is called account takeover (ATO) fraud, whereby hackers use legitimate, yet stolen, credentials to gain access to an online account. What’s more worrying is that bots are now capable of performing upwards of 100 attacks per second, making it easier and faster for fraudsters to commit ATO fraud on a massive scale.

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