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Top Data Breach Challenges Facing A Service Provider

Top Data Breach Challenges Facing A Service Provider

Data breaches and network intrusion are a developing problem affecting service providers across many industries. In fact, it is clear that this problem remains far more difficult to handle at the moment. How can service providers protect their partners and suppliers against cyber attacks? What should companies do to secure the use of information stolen in past data breaches? 

The IRS is discovering a massive hike in tax fraud as the tax season looms. There are corresponding actions at stealing taxpayer’s private details. Early in the month of October of 2017, the IRS has announced an automated attack. 

The attack reveals how malware creates e-filing PINs for over one hundred thousand taxpayers. The malware procedure works with SSNs obtained from past information breaches. The SSNs and PINs can be used by identity fraudsters to apply for fraudulent returns through an electronic method. 

The IRS latest tax fraud warning also continues to grow in social engineering attempts. A wave of similar attacks took the IRS by surprise last tax season. Attackers have been able to get transcripts in the last tax season to spoof the IRS portal information obtained via previous breaches. Without any scintilla of doubt, it is clear that this new trend remains the basic data breach problem for service providers. 

There are several successful cybercrimes that used already stolen or exposed data. Through the whole process, it is also evident that the IRS has not been compromised and hacked. There could have been effective steps to counter problem in the early stage. For instance, service providers should have applied multi-factor authentication to protect customers and suppliers. 

Data breach challenges facing service providers are not a new trend. In recent years, many service providers have experienced cybercrime, data breach, and other problems through third-party compromises. The PNI Photo hack in 2015 is a high profile example of a data breach that service providers have experienced. 

This scenario led to the compromise of internet photo services at Sam’s Club, Costco, CVS and just to mention a few. The data breach at Medical Informatics Engineering is another clear example that other service providers can learn from. 

The provider of EHR software NoMoreClipboard mentioned some couple of things about information on a targeted group of MIE clients. Boston Medical Center and Home Depot in 2014 suffered tough data breaches due to third-party exposure or compromise. 

It is clear that data breaches can be dangerous and risky. It can disrupt everything you have worked as a service provider. If there is no proper way to secure data on your system, it may end up destroying your customer service. The best way to handle this problem is that service providers should do everything to guide their customers.

Hostile players and hackers are always ready to take advantage of the slightest opportunity that a service provider offers. For this reason, it is important that service providers fortify their data security measures. This is the best way to keep customer safe and improve service in total innovative and fresh way.

Conclusion:

In 2013, Target data breach remains one of the most publicized cybersecurity problems at the time. The problem emerged from a third party acting in an undetectable way. The attack used a compromise of Target’s HVAC contractor to access the POS space to steal the credit card information of several clients. In the case of Target and Home Depot, the attack emanates from a direct business partner. 

Apart from the examples in this content hackers and fraudsters are teaming up to unleash innovative methods. It is the responsibility of service providers to invest more funds into creating top-notch security measures for prospective clients. This will help to reduce cybersecurity, data breach and other problems facing both service providers and their customers.

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