INTERNATIONAL JOURNAL OF LATEST TECHNOLOGY IN ENGINEERING,
MANAGEMENT & APPLIED SCIENCE (IJLTEMAS)
ISSN 2278-2540 | DOI: 10.51583/IJLTEMAS | Volume XIV, Issue X, October 2025
www.ijltemas.in Page 247
entry points for attackers. Many MNCs store vast amounts of sensitive customer, employee, and business data, making them prime
targets for identity theft and corporate espionage. Furthermore, cybercriminals are often motivated by financial gain, as they can
demand large ransoms or sell stolen data on the dark web. Beyond financial implications, cybersecurity breaches can have severe
legal and regulatory consequences.
Organizations that fail to secure their data may face lawsuits and substantial fines under data protection laws. Moreover,
reputational damage following a cyberattack can result in the loss of customer trust, reduced market value, and long-term business
disruptions [4],[8].
To address these growing threats, governments and regulatory bodies have established cybersecurity frameworks and compliance
requirements aimed at protecting businesses and consumers. One of the most influential regulations is the General Data
Protection Regulation (GDPR), which enforces strict data protection measures across the European Union and imposes heavy
fines on companies that fail to safeguard user data. Similarly, the California Consumer Privacy Act (CCPA) grants individuals
greater control over their personal information, requiring businesses to disclose how data is collected and used. In the financial
sector, the Payment Card Industry Data Security Standard (PCI DSS) sets security guidelines for handling credit card transactions
to prevent fraud and data breaches. The healthcare industry is governed by the Health Insurance Portability and Accountability
Act (HIPAA), which mandates strict security measures to protect patient information. Additionally, the Cybersecurity Maturity
Model Certification (CMMC) ensures that defense contractors working with the U.S. Department of Defense comply with robust
security protocols. These regulations underscore the importance of cybersecurity compliance, pushing organizations to implement
strong data protection policies and proactive risk management strategies [7].
As cyber threats continue to evolve, MNCs must remain vigilant by adopting comprehensive security measures, investing in
advanced threat detection technologies, and fostering a culture of cybersecurity awareness within their organizations. Regulatory
compliance alone is not enough; businesses must take proactive steps to mitigate risks, respond to incidents effectively, and build
resilience against future attacks. By understanding past cybersecurity breaches and learning from them, organizations can enhance
their defenses and create a more secure digital environment for the future [8].
Equifax Data Breach (2017) ā Financial Sector
In 2017, Equifax, one of the largest credit reporting agencies in the United States, suffered a monumental data breach that
exposed sensitive personal information of approximately 147 million individuals. This incident not only highlighted significant
lapses in cybersecurity but also underscored the potential consequences of inadequate data protection measures within the
financial sector [1].
What Happened
The breach originated from a vulnerability in the Apache Struts web application framework, a widely used technology for building
web applications. On March 7, 2017, a critical security flaw in Apache Struts was publicly disclosed, and a corresponding patch
was released to address the issue. The U.S. Department of Homeland Security's Computer Emergency Readiness Team (US-
CERT) promptly notified Equifax about this vulnerability on March 8, emphasizing its severity and the necessity for immediate
remediation [1].
Despite these warnings, Equifax failed to apply the necessary patch to its systems. This oversight was primarily due to the
company's lack of a comprehensive IT asset inventory, which meant they were unaware of all instances where Apache Struts was
deployed within their network.
Consequently, the vulnerable version of Apache Struts remained unpatched in Equifax's online dispute portal [1].
Attackers exploited this unpatched vulnerability on March 10, 2017, gaining unauthorized access to Equifax's network. Initially,
the intrusion was confined to the online dispute portal, but by May 13, the attackers had expanded their access to other parts of the
network. Over the ensuing months, they systematically extracted vast amounts of personal data, including names, addresses, dates
of birth, Social Security numbers, and, in some cases, credit card information [1].
A critical factor that exacerbated the breach was the expiration of an SSL (Secure Sockets Layer) certificate, which is essential for
encrypting and monitoring network traffic. The expired certificate hindered Equifax's ability to detect the attackers' activities,
allowing them to operate undetected for an extended period [1].
Impact
The breach had far-reaching consequences. Approximately 147 million individuals had their personal information compromised,
placing them at heightened risk for identity theft and fraud. The exposure of such sensitive data eroded public trust in Equifax and
raised serious concerns about the security practices of organizations handling personal information [1],[5].
Financially, Equifax faced substantial repercussions. The company incurred significant costs related to legal settlements,
regulatory fines, and remediation efforts. Additionally, the breach prompted a reevaluation of cybersecurity practices across the
financial sector, leading to increased regulatory scrutiny and the implementation of more stringent data protection measures[1],[5].