Our customer support team is here to answer your questions. Ask us anything!
👋 WhatsApp Us Now
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/
Short-Term Effects:
1. Loss of customer trust and confidence in LastPass’s security features. Customers may be more hesitant to use the platform following the breach, or switch to another password manager altogether.
2. An increase in customer support inquiries, as customers seek further insight into the breach and how their information was affected.
3. Decline in LastPass user numbers due to loss of trust in the company’s security measures and features. This could result in a decrease in revenue for the company as well as a potential impact on its future growth plans and strategies.
4. Possible reputational damage for LastPass, leading to an overall negative perception of the brand among consumers who were previously unaware of or unconcerned with such breaches occurring at password management companies like LastPass.
Long-Term Effects:
1. Heightened scrutiny from regulators regarding LastPass’s security protocols going forward, resulting in possibly stricter regulations being imposed upon them by governing bodies, thus increasing costs associated with compliance standards that must be met before they can continue doing business as usual again (if these changes become permanent).
2 .Increased focus on proactive cybersecurity measures taken by LastPass, such as two factor authentication solutions being adopted earlier than planned which could ultimately help mitigate similar issues occurring again down the line but at an increased cost for implementation/training etc..
3 .Lastpass will likely have to streamline its process/procedures for identifying & responding quickly & effectively when a breach does occur making sure adequate resources are available for rapid recovery & mitigation of any damages suffered due to lost customer data/trust etc.. This could lead to new hiring practices where staff are trained prior so they know exactly how to respond when faced with this situation should it ever arise again (in addition, they also need time off periodically so they remain up-to-date with current trends & best practices related specifically cyber security) thus increasing overhead costs long term not just during times where incidents take place but continuously over life cycle maintenance periods too over years ahead even after incident is dealt with initially.