Cybersecurity incidents impact businesses everywhere. Source: Shutterstock
MAJOR cybersecurity incidents give nightmares to CXOs, irrespective of who was attacked — and for good reason.
When a cyberattack is successful, organizations lose credentials to accounts of anywhere between a few hundred thousand to a couple of million customers.
Those stolen credentials are a big risk to any organization, however strong their cyberdefense because employees who are also users of a service that suffered a breach, seldom change their passwords after an incident.
This is a big reason why credentials are so valuable. They’re sold in batches on the dark web after an incident, with prices falling every day as users are expected to ‘smarten up’ — although many cybersecurity experts point out that most users don’t take precautions to protect themselves despite being informed that their account was affected.
The original Facebook / Cambridge Analytica scandal that was in the spotlight for almost all of last year exposed up to 87 million accounts.
This was followed by reports of data breaches in the travel industry, affecting companies such as Cathay Pacific, British Airways, and Marriott International. Customers, of course, included business travelers who might have used their company email to register their account — and perhaps the same password.
While these are just a few, the reality is that tens of major businesses have been breached in the past year and user credentials have been stolen. Many of these, despite having informed the users via email, still pose a big risk to organizations where passwords haven’t been changed as a result of the notification.
Does 2-factor authentication help? Sure, it makes it harder for hackers to breach ..
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