2023 has been a fruitful year for hackers. Unfortunately, things are not likely to slow down just yet.

As people scurry to finish their holiday shopping, online criminals are busier than ever attempting to get that last phishing email sent in the hopes of catching something big.

And so, businesses large and small were targets yet again this year for the hottest commodity in recent history – data.

The cost of the average data breach grows by the day, standing at a lucrative $4.45 million.

With cybercriminals changing tactics from one minute to the next, it’s seemingly impossible to keep up with online threats looming around every digital corner.

Application security tools are an integral part of cybersecurity, with breaches costing businesses not only millions but also hindering reputations in terms of security.

Think of application security as the lock on your front door, and data breaches as criminals trying to get in. If your lock (aka application security) is weak, it isn’t a problem for hackers to get in and steal your data.

Strengthening that lock by improving application security helps protect your business against the increasing threat of data breaches.

Let’s take a look at the biggest known data breaches of 2023 and in turn attempt to understand the cybersecurity forecast for the upcoming year.

5 Data Breaches From 2023

ChatGPT

Arguably the most popular AI tool on the market, ChatGPT has been a hot topic since its inception. In March 2023, however, it hit digital news outlets for all the wrong reasons.

A bug allowed for the possible exposure of personal data of some of its ChatGPT Plus subscribers. This included things like:

• First and last names of users
• Email addresses
• Payment addresses
• The last four digits of credit card numbers
• Credit card expiration dates

The Open AI platform shut down while managing the issue. It was explicitly stated that full credit card numbers were never revealed, and the bug has since been fixed. However, data leaks such as this may have been nipped in the bud with proper application security tools.

T-Mobile

One of the most popular mobile carriers in the US, and the world, T-Mobile experienced a data breach of epic proportions in September 2023. Unfortunately, it isn't the first to occur to the telecommunications giant.

This time, it came packaged as two separate incidents. Hacker forums were ablaze with not only T-Mobile (News - Alert) employee data (including partial Social Security numbers and email addresses) but also the exposure of customer data.

A system error within the T-Mobile app meant that users could access the data of other T-Mobile users. Personal information such as phone numbers, billing addresses, and account balances.

The company said that the issue, which came from a glitch, affected less than 100 customers. However, reports that came to light later suggest that as many as millions of customers may have had their personal information exposed.

The importance of utilizing powerful application security tools cannot be stressed enough, particularly in this instance.

Mailchimp

Back in January of 2023, Mailchimp, a go-to email marketing platform was yet another big name to suffer a data breach. This happened when a hacker was able to gain access to Mailchimp’s tools which are typically used by teams who interact with their customers.

Having access to an internal customer service tool, that’s also used for account management, the criminal was able to compromise data of more than 100 customers.

Mailchimp was quick to address the topic, with a statement on the website saying:

“Based on our investigation to date, this targeted incident has been limited to 133 Mailchimp accounts. There is no evidence that this compromise affected Intuit (News - Alert) systems or customer data beyond these Mailchimp accounts.

After we identified evidence of an unauthorized actor, we temporarily suspended account access for Mailchimp accounts where we detected suspicious activity to protect our users’ data. We notified the primary contacts for all affected accounts on January 12, less than 24 hours after initial discovery.”

Chick-fil-A

US fast food chain, Chick-fil-A suffered a breach on both their website and application, where user accounts were stolen as part of a credential-stuffing attack.

The accounts were found online for $2-$200 depending on the rewards found on the accounts as well as the linked payment methods.

More than 71,000 accounts were affected.

Shein

One of the best ways for e-commerce platforms to sell to customers is through mobile apps. With more than 100 million downloads, the Shein shopping application encountered a safety issue, discovered by Microsoft (News - Alert) earlier this year.

One of the versions of the app in Google Play was accessing the clipboard of devices and sending the contents to a remote server.

Clipboards are a hacker’s sweet spot because people typically use them to copy/paste sensitive information like logins or credit card information. With this type of information in their hands, bad actors can take that clipboard data, steal passwords, launch phishing attacks, steal identities, and so on.

Shein users are advised to update to the latest version to prevent any potential attacks.

Application Security (News - Alert) Tools Are a Must in 2024

Data breaches and general online crime are on the rise. A lucrative means for financial success, at least from a hacker’s point of view.

While an increasing amount of businesses are investing in cybersecurity, some still put application security tools on the back burner.

But these application security tools safeguard your application from various cyber threats and keep users safe and happy. And the best customer is a returning customer.

Application security tools detect vulnerabilities. Shield sensitive data, and prevent unauthorized access, in turn reducing the risk of sensitive data breaches like the ones mentioned here.

Investing in such tools is not just a precaution. It is a proactive measure that keeps your data safe, protecting your business from potential breaches, and keeping your customers’ trust intact.