Earlier this week we wrote about the cost of human-factored, malicious cyber attacks. However, there are also other threats that can lead to a malicious attack and data breach. According to this year’s Cost of a Data Breach Report, the stolen or compromised credentials tied for the most frequent cause of malicious data breaches, and took the lead as the most costly form of malicious breach.
The root cause of compromised credentials varies. In some cases, stolen credentials are also related to human-factored social engineering scams such as phishing or business email compromise attacks. In other cases, your login information may have been stolen in a previous breach of online services you may use. Hackers will often sell that data on the dark web, where bad actors can then use the data to carry out new attacks.
Whatever the cause, the threat is real and costly. According to the report, compromised credentials accounted for 1 out of every 5 — or 19% of — reported malicious data breaches. That makes this form of attack tied with cloud misconfiguration as the most frequent cause of a malicious breach. However, stolen credentials tend to cost far more than any other cause of malicious breach. According to the report, the average cost of a breach caused by compromised credentials is $4.77 million — costing businesses nearly $1 million more than other forms of attack.
Given the frequency of data breaches caused by compromised credentials, individuals and businesses alike need to be paying closer attention to how they store, share, and use their login information. Luckily, there are a number of pretty simple steps anyone can take to protect their credentials. Here are just a few:
There are now a variety of password managers that can vastly improve your password strength and will help stop you from using the same or similar passwords for every account. In my cases, they can be installed as a browser extension and phone app and will automatically save your credentials when creating an account. Not only are password managers an extremely useful security tool, they are an incredible convenient tool for a time when we all have hundreds of different accounts.
Another important and easy to use tool is multi-factor authentication (MFA), in which you are sent a code after logging in to verify your account. So, even if someone stole your login credentials, they still won’t be able to access your account without a code. While best practice would be to use MFA for any account offers the feature, everyone should at the very least use it for accounts that contain personal or sensitive, such as online bank accounts, social media accounts, and email.
Check Past Compromises
In order to ensure your information is protected, it’s important to know if your credentials have ever been exposed in previous data breaches. Luckily, there is a site that can tell you exactly that. Have I Been Pwned is a free service created and run by cybersecurity expert Troy Hunt, who keeps a database of information compromised during breaches. User’s can go on and search the data to see if their email address or previously used passwords have ever been involved in those breaches. You can also sign up to receive notifications if your email is ever involved in a breach in the future.
Cyber Awareness Training
Lastly, in order to keep your credentials secure, it’s important that you don’t get tricked into give them away. Social engineering, phishing, and businesses email compromise schemes are all highly frequent — and often successful — ways bad actors will try to gain access to your information. Scammers will send emails or messages pretending to be from a company or official source, then direct you to a fake website where you are asked to fill out information or login to your account. Preventing these scams from working largely depends on your ability to accurately spot them. And, given the increased sophistication of these scams, using a training program specifically designed to teach you how to spot the fakes is very important.