The Business Impact of Digital Footprint Risks

Digital footprints can be a double-edged sword for an organization. On one end, the online presence of an organization’s employees and executives can enhance brand visibility, credibility, and security. On the flip side, the digital footprints of an organization’s individuals can introduce significant risks and negatively affect various aspects of the business.

In this article we look at different ways digital footprints can be exploited and the overall impact of digital footprint risks on the business. But first, let’s set the stage in terms of what we mean when we say digital footprint.

What are Digital Footprints?

Digital footprints are the traces we leave behind online, made up of various types of information like our names, birthdates, addresses, phone numbers, and our activities.

Even though each piece of data might seem insignificant on its own, when put together, they can paint a detailed picture of a person’s identity. Cybercriminals can exploit these digital footprints by gathering this information to build a comprehensive profile of their target. The more data they have, the easier it becomes for them to manipulate or harm the individual.

The Exploitation of Digital Footprints

Malicious actors leverage digital footprint data to orchestrate targeted attacks, bypass security measures, and exploit vulnerabilities within an organization’s infrastructure.

Here are common 4 common ways cybercriminals use data from an individual’s digital footprints to orchestrate targeted attacks against an organization:

1. Social Engineering & Phishing Attacks: Social engineering attacks, such as phishing, involve tricking employees into divulging sensitive information or granting unauthorized access. Cybercriminals can exploit the personal information and behavioural patterns gleaned from an individual’s digital footprint to make these deceptive tactics more effective.
2. Credential Stuffing Attacks: A credential stuffing attack is a cyberattack where hackers use automated tools to attempt multiple login requests using stolen username and password combinations, typically obtained from previous data breaches, to gain unauthorized access to user accounts. Unchecked digital footprints can provide cybercriminals with the necessary information to launch credential stuffing attacks by revealing passwords and other sensitive data.
3. Third-Party Exploitation: Cybercriminals are increasingly compromising less secure third parties in order to exploit their intended target. They can leverage digital footprint information associated with you third-party vendors to identify vulnerabilities and carry out attacks through your supply chain.
4. Reconnaissance for Advanced Attacks: Threat actors conduct reconnaissance using the organization’s digital footprint to gather intelligence on its infrastructure, security measures, and key personnel. This information informs the planning and execution of sophisticated attacks, such as Advanced Persistent Threats (APTs).

Repercussions of Unchecked Digital Footprints

Regardless of the tactics used, once a bad actor has access to your company’s systems and information they can carry out a number of harmful activities. From deploying malware or ransomware to stealing or deleting sensitive data, these attacks yield profound consequences that can significantly impact an organization’s ability to grow and succeed.

Financial Losses:

• Organizations may incur significant financial losses due to the costs associated with cybersecurity attacks. These costs can include compensating affected individuals, setting up incident response efforts, investigating the incident, investing in new security measures, and legal/regulatory fees.
• Global cybercrime costs are projected to reach $10.5 trillion annually by 2025.

Reputational Damage:

• When sensitive information is exposed or at risk, it erodes trust and credibility among customers and within the broader community. Consumers are increasingly concerned about privacy and data security, and news of a cybersecurity incident can lead to customer churn, loss of business opportunities, and long-term damage to brand equity.
• 75% of consumers would sever ties with a brand in the aftermath of any cybersecurity issue, and 44% of consumers attribute cybersecurity incidents to a company’s lack of security measures.

Legal and Regulatory Consequences:

• Organizations that fail to adequately protect sensitive data may face legal and regulatory repercussions. These can include fines, penalties, and lawsuits from affected individuals or regulatory bodies.
• The average cost of a data breach settlement in the U.S. reached $8.19 million in 2023.

Eroded Trust with Customers:

• Trust is a cornerstone of business success. When customer data is compromised, or digital services are disrupted due to inadequate risk management, customer trust can be severely damaged. This erosion of trust can limit an organization’s growth potential, as a damaged reputation can undermine customer and partner relationships, leading to missed opportunities.
• 75% of consumers would sever ties with a brand in the aftermath of any cybersecurity issue.

Take Control of Digital Footprint Risks

It is inevitable that, as an organization grows, so does it’s digital footprint. As this happens, the avenues for exploiting these digital trails also expand. Companies need to take control of their digital footprint risks to safeguard operations, maintain customer trust, and foster business growth.

Our Digital Risk Assessments help you take action against digital footprint risks to protect the business you’ve built. Here’s how it works:

• Digital Footprint Enrichment: We’ll find email addresses, phone numbers, and other exposed information to capture a full picture of the vulnerable digital footprint.
• Risk Identification & Scoring: We’ll identify and score exposures, data breaches, and impersonations related to the digital footprint.
• Remediation Recommendations: You’ll receive a report with scored risks and actions that can be taken to address existing vulnerabilities and reduce future risks.

Learn more about our Digital Risk Assessments here.