Data Disaster: How Companies Paid the Price for Inaccurate Verification
Inaccurate data verification can have serious consequences for companies, leading to
lost revenue,
damage to reputation, and even
legal action.
Here are a few examples of companies that have suffered as a result of poor data verification practices:
Facebook: In 2018, the social media giant was hit with a $5 billion fine by the Federal Trade Commission (FTC) for failing to properly verify the data of its users. This led to the Cambridge Analytica scandal, in which the data of millions of users was harvested without their knowledge or consent.
Equifax: In 2017, the credit reporting agency suffered a massive data breach that exposed the personal information of 143 million consumers. The company was later found to have failed to properly verify the data it collected, leading to the breach. As a result, Equifax was hit with a $700 million settlement and multiple lawsuits.
Marriott International: In 2018, the hotel giant suffered a data breach that exposed the personal information of 500 million guests. The company was later found to have failed to properly verify the data it collected, leading to the breach. As a result, Marriott was hit with a $124 million fine by the UK's Information Commissioner's Office (ICO).
Yahoo: In 2016, the internet company suffered a data breach that exposed the personal information of 1 billion users. The company was later found to have failed to properly verify the data it collected, leading to the breach. As a result, Yahoo was hit with a $35 million fine by the SEC.
Avoid the risk: Build a stronger foundation A.S.A.P
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