This Month’s World Problems Caused by Bad Data 

Organizations today are constantly facing an increasing risk of data incidents that can have severe consequences, including financial losses, operational disruptions, regulatory penalties, and reputational damage.

From data breaches to evolving malware and glitches that result in confusion and market volatility, we’re taking a closer look at some recent high-profile instances of bad data practices that underscore the urgency of addressing these risks.

Ticketmaster Data Breach Compromises Over 500M Customers

On the heels of 30 state and district attorneys general and the US Department of Justice filing a civil antitrust lawsuit for monopolization against them, Ticketmaster and its parent company Live Nation Entertainment recently filed a report with the Securities and Exchange Commission claiming that unauthorized activity from a third party in May of 2024 may have resulted in access to the personal information of as many as 560 million customers.

While the companies have stated they are investigating the incident and cooperating with law enforcement to mitigate the damage, at least one class action lawsuit accusing both Live Nation and Ticketmaster of negligence has been filed in California as a result.

Snowflake Customers without MFA Believed to Be Targeted

A series of attacks targeting enterprise customers was recently reported by the cloud-based data warehouse vendor Snowflake, stating it became aware of potentially unauthorized access to customer accounts in May of 2024 and has since discovered potentially suspicious activity going back to mid-April.

In a joint statement from Snowflake and third-party cybersecurity companies CrowdStrike and Mandiant, preliminary findings showed the personal credentials belonging to a former employee were obtained and used to access demo accounts, though the attack appears to be targeted at organizations with inadequate identity and access controls, particularly the lack of multifactor authentication.

While the unknown number of affected customers have reportedly been informed, the ongoing attack was reportedly not addressed or publicly commented on at Snowflake’s Data Cloud Summit, which began on Monday, June 3, 2024.

TikTok Accounts Hacked Using Direct Message Malware

Social media giant TikTok recently acknowledged a vulnerability that allowed hackers to take over several high-profile accounts in June of 2024. However, unlike traditional malware, the attack was spread using direct messages that only required those impacted to open them, rather than click on a malicious link.

TikTok says it has taken steps to prevent future occurrences, but this isn’t the first time the video platform has been used to spread malware. In 2022, hackers exploited a popular trend to direct users to a Discord server where malware designed to harvest account details—including passwords, stored credit cards, and cryptocurrency wallets—was hosted.

All of this comes after legislation was signed in April of 2024 that could effectively ban the app in the United States following years of pushback against its parent company, ByteDance, and its potential influence on the rising amount of TikTok’s 170 million users who cite it as a regular source for news.

NYSE Data Glitch Shows 99 Percent Devaluation in Major Stocks

Finally, in early June of 2024, a glitch at the New York Stock Exchange resulted in multiple stocks appearing to drop by as much as 99 percent. Impacted securities included Barrick Gold, Chipotle, and Berkshire Hathaway, which showed a price decrease from $627,400 to $185.10, causing significant disruptions and resulting in the cancellation of all trades made for as many as 40 affected securities during the opening auction.

A NYSE spokesperson told CNN that the glitch was the result of a “technical issue” with price bands that are published by the Consolidated Tape Association, which in turn reported it has experienced an issue that “may have been related to a new software release,” and relied on a secondary data center operating an older version of the software to resolve the issue.

This was the second glitch for the US stock market in as many weeks. In late May of 2024, the dissemination of real-time market data for the Dow Jones and S&P indexes was impacted for over an hour by another technical glitch. Trading appeared unaffected during that time, though the indices reaffirmed the index values were being disseminated normally after the system was restored, and the root cause of the outage was under investigation.

Improve Data Practices with Fullcast

Ensuring data integrity and minimizing the risk of data incidents requires a proactive approach. Organizations must implement robust security measures, conduct regular risk assessments, and foster a culture of data governance and accountability.

Fullcast empowers organizations to control and protect their data by helping them to

  • leverage advanced data quality and governance tools to ensure integrity, consistency, and compliance with industry regulations;
  • achieve comprehensive visibility into data landscapes to enable early detection and rapid response to any potential threats;
  • implement robust data lineage and impact analysis capabilities to better understand downstream effects; and
  • foster collaboration and knowledge-sharing among stakeholders to promote a culture of stewardship and accountability.

By utilizing the data solutions available from Fullcast, organizations can proactively safeguard their assets, mitigate risks, and retain a competitive edge in an increasingly data-driven world.

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