Expert Comment: Extent of Seiko Corp August Data Breach Confirmed
October 2023 by Dr Darren Williams, CEO of Blackfog
Recently, Seiko Group Corporation (SGC), a Japanese watch brand, confirmed the extent of a data breach that was disclosed in August. The company revealed the data breach by ransomware gang, BlackCat, compromised 60,000 items of personal data.
• SWC customer data
• Counterparties’ contact details in business transactions
• Applicant information for employment with SGC and SWC
• Personnel details of current and former employees of SGC and its group companies
Dr. Darren Williams, CEO of Blackfog says “The ransomware attack against Seiko is yet another stark reminder of what can happen when companies don’t prioritise the security of their customers’ data. Customers entrust organisations with their personal data, and when this trust is violated, there can be extreme adverse effects to customer satisfaction, regulatory compliance and the reputation of the business overall.
Given Seiko’s company size, global presence, and therefore wealth of data, it’s no surprise that they are a prime target for cybercriminals and when it comes to a successful attack. It’s all about the data, as this is the key to extorting the organisation for financial gain. With retail sector ransomware attacks having grown by 67% in 2022 and data exfiltration occurring in 90% of attacks, it’s critical that companies ensure they are implementing the most effective and up-to-date cybersecurity technologies that are up to the task of preventing data exfiltration which leads to extortion.”