//Why do data breaches occur in financial services?

Why do data breaches occur in financial services?

There are a few methods actually, such as malware and hacking, but there is one main reason behind breaches in security and that is the centralization of data. On the Internet data is kept in servers which store our information in one central location. As a result, if there were weaknesses in security, all of the information could be obtained at once. This is what happened with Equifax in 2017. There was a breach with the online software platform, which attackers exploited to obtain access to personal information that was stored in the database. Another major problem is that often companies whose security has been breached are unaware of it for what can range from a few months to over a year. This is completely unacceptable and shows a lack of transparency and auditability. Distributed Credit Chain will put an end to these problems by implementing a decentralized ecosystem that caters to the users needs.

There are a few methods actually, such as malware and hacking, but there is one main reason behind breaches in security and that is the centralization of data. On the Internet data is kept in servers which store our information in one central location. As a result, if there were weaknesses in security, all of the information could be obtained at once. This is what happened with Equifax in 2017. There was a breach with the online software platform, which attackers exploited to obtain access to personal information that was stored in the database. Another major problem is that often companies whose security has been breached are unaware of it for what can range from a few months to over a year. This is completely unacceptable and shows a lack of transparency and auditability. Distributed Credit Chain will put an end to these problems by implementing a decentralized ecosystem that caters to the users needs.