In this week's Data Breach Ripples, Chase plans to rollout EMV cards to its debit card users, cybercrime costs are expected to soar to 2 trillion by 2019, the personal data of over 70 million Americans was exposed due to data breaches in 2014, 91 percent of health industry companies surveyed have suffered at least one data breach and in this week's blog post, we take a look at how cybercriminals can steal your paymetn card data in everyday scenarios.
CHASE TO ROLL OUT EMV TO DEBIT
In an attempt to keep up with the October 2015 EMV deadline, Chase recently announced that the company would expand it’s chip technology to protect more transactions. Chase reports that it will begin transitioning more than 70 percent of all its current credit and debit cards to EMV-enabled cards by the end of 2015. According to the bank, this would allow more than 80 percent of its cardholder spending to occur on a more secure platform. Find out more about the global impact of EMV migration and the differences the U.S. will encounter in our latest white paper, EMV Adoption In The U.S.
CYBERCRIME COSTS TO SOAR TO $2 TRILLION IN 2019
Tuesday, Juniper Research released a report on the future of cybercrime and security. In the report, Juniper Research predicts businesses will end up paying over four times as much as this year in cybercrime costs, totaling over $2 trillion by 2019. Juniper Research goes on to state that future data breaches will continue to target current IT and network systems. By 2020, the research firm predicts that the average cost of a data breach will cost over $150 million. As businesses look to strengthen their information security plans, implementing both prevention and detection solutions is paramount in helping reduce the time and cost of a security incident.
PERSONAL DATA FOR 70 MILLION AMERICANS STOLEN IN 2014
Late last week, Consumer Reports released its latest findings on the impact of data breaches for American consumers. In the report, more than 70 million Americans reported that their personal or financial information was exposed due to data breaches in 2014. When compared to 2013, the following year saw nearly a 28 percent increase in data breaches. Consumer Reports warns that victims of data breaches are at a higher risk for phishing attacks and should monitor their bank statements for suspicious transactions..
91% OF HEALTH INDUSTRY COMPANIES SURVEYED HAVE SUFFERED AT LEAST ONE DATA BREACH IN THE PAST TWO YEARS
Following the Anthem data breach that could compromise the medical information of as many as 80 million Americans, the spotlight has shifted to health insurers and other organizations in the health industry. In a report recently published by the Ponemon Institute, 91% of organizations surveyed in the health industry have experienced at least one data breach in the past two years. This staggering figure could be attributed to the high value of medical information, which some experts believe could be worth 10 times as much on underground markets compared to payment data.
To learn more about the information security issues that organizations in the health industry are facing, check our recap of the New York Department of Financial Services' report on cybersecurity in the insurance sector.
RIPPLESHOT CONTENT: HOW CYBERCRIMNALS CAN STEAL YOUR CREDIT CARD DATA
As consumers, data breaches are recognized as the primary cause of payment card data theft. However, this is just one of many methods that cybercriminals and fraudsters use to acquire sensitive payment information. There are everyday instances where credit and debit cards transact with businesses that could be the next target for a fraudster. We look at five attack methods that cybercriminals use to steal credit and debit card data, each with a respective scenario.
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