Future Implication, the short and long term effect of the lastpass breach
LastPass experienced a breach back in August 2022. For this paper, I need to know the short & long term effects that this will have on LastPass and its
customers.
Please include between 3-5 sources.
Timeline for LastPass: https://blog.lastpass.com/2022/12/notice-of-recent-security-incident/
Sample Solution
Short-term effects:
1. Loss of customer trust and confidence in LastPass as a secure password manager. Customers may be hesitant to use the service, leading to a decrease in revenue for LastPass.
2. Immediate financial losses due to the cost of investigating the breach and taking measures to prevent similar incidents from happening again in future.
3. Potential legal action taken by customers against LastPass for failing to protect their data or any other damages incurred due to the breach (e.g., identity theft).
4. Negative press coverage which could affect brand perception and damage its reputation among potential customers as well as its existing user base .
5. An increased need for rigorous security protocols within organizations handling sensitive data such as passwords, credit card numbers etc..
Long-term effects:
1. An increase in competition as more companies seek to capitalize on customers leaving LastPass due distrust or disillusionment with current level of security; this could lead to lower prices but also possibly less features if they are not able compete on quality alone . 2 Increased demand for better encryption methods across all industries so that data is kept safe at all times regardless of whether it is being transferred online , stored locally , or backed up remotely . This would include things like two factor authentication , advanced hashing algorithms etc.. 3 Higher customer expectations when it comes cyber security – users now expect companies take utmost precaution when handling their information which can be difficult given recent technological advancements but nonetheless must be done if businesses wish remain competitive . 4 A greater focus on educating individuals about how best protect themselves online through services such as e-learning modules, seminars and workshops etc.. This should hopefully help reduce instances where people fall victim scams/frauds due lack awareness regarding internet safety protocols .
Sample Solution
Short-term effects:
1. Loss of customer trust and confidence in LastPass as a secure password manager. Customers may be hesitant to use the service, leading to a decrease in revenue for LastPass.
2. Immediate financial losses due to the cost of investigating the breach and taking measures to prevent similar incidents from happening again in future.
3. Potential legal action taken by customers against LastPass for failing to protect their data or any other damages incurred due to the breach (e.g., identity theft).
4. Negative press coverage which could affect brand perception and damage its reputation among potential customers as well as its existing user base .
5. An increased need for rigorous security protocols within organizations handling sensitive data such as passwords, credit card numbers etc..
Long-term effects:
1. An increase in competition as more companies seek to capitalize on customers leaving LastPass due distrust or disillusionment with current level of security; this could lead to lower prices but also possibly less features if they are not able compete on quality alone . 2 Increased demand for better encryption methods across all industries so that data is kept safe at all times regardless of whether it is being transferred online , stored locally , or backed up remotely . This would include things like two factor authentication , advanced hashing algorithms etc.. 3 Higher customer expectations when it comes cyber security – users now expect companies take utmost precaution when handling their information which can be difficult given recent technological advancements but nonetheless must be done if businesses wish remain competitive . 4 A greater focus on educating individuals about how best protect themselves online through services such as e-learning modules, seminars and workshops etc.. This should hopefully help reduce instances where people fall victim scams/frauds due lack awareness regarding internet safety protocols .
