A Call to Action Against Cyber Threats to Safeguard Your Digital Assets

By: Twinkle Aswani

In this vast, digitally interconnected ecosystem, your identity serves as your passport and a target. As the digital domain continues to unfold with its intricate technologies, the type and sophistication of cyber attacks also become complex. Safeguarding your data and digital identity becomes an absolute necessity.

Cyber Security Dilemma – Safety and Vulnerability

Each individual creates their own personalized digital space that collates information about them, including bank details, online transaction records, passwords and credentials, emails, social media profiles, and more. This information forms an individual digital identity. Though it makes things easy and convenient, it can also be misused and exploited by cyber criminals through identity theft, financial fraud, privacy invasion, and more.

Cyber Security and Cyber Attacks – Two Sides of the Same Coin

The volume of personal information readily accessible online can significantly impact breaches of digital identity, enabling various forms of cyber crimes.

From cyber-attacks, privacy risks, and identity theft due to data leaks to third-party and business resiliency risks. Businesses and individuals alike must abide by stringent cyber security protocols while staying updated with cyber security trends to safeguard their digital identity, strengthen their security foundation, and preserve their privacy to ensure survival in an uncertain future.

Breach Report Cases

According to the Tech.co 2024 Report, Ticketmaster confirmed the data breach that was rumored earlier this year. Hackers had made records from the breach available for sale, which included customer names, addresses, phone numbers, email addresses, order history, and partial payment details. It was expected that over 560 million customers may be impacted.

According to the New York CNN 2024 report, an activist hacking group known as “Nullbulge” has claimed responsibility for leaking thousands of Disney’s internal messaging channels, which included details about unreleased projects, raw images, computer code, and some login credentials.

Nullbulge stated that it obtained and leaked approximately 1.2 terabytes of data from Disney’s Slack communications platform. In a Monday email to CNN, the group mentioned that access was achieved through “a man with slack access who had cookies.” The email also indicated that the group was based out of Russia.

Securing your Digital Footprints – With Digital Risk Assessment

By systematically identifying and assessing potential vulnerabilities within an organization’s digital infrastructure, risk assessments enable the implementation of proactive measures before threats can be exploited.

It aids in strengthening an organization’s defenses against cyber attacks, reducing the likelihood of data breaches, and ensuring compliance with regulatory requirements.

For individuals, digital risk assessment aids in safeguarding personal data and assets by identifying risks associated with online activities and data storage. Implementing a comprehensive digital risk management strategy not only mitigates the impact of potential threats but also enhances overall security posture, ensuring that both organizational and personal digital environments remain resilient against evolving cyber threats.

According to Gartner’s 2023 report, worldwide end-user spending on security and risk management is predicted to rise to a total of $215 billion in 2024, with an increase of 14.3% from 2023.

“In light of cyber risks increasing, cyber threats proliferating, and a changing operating environment, it is more critical than ever for organizations to build and optimize a cyber security program,” said Shailendra Upadhyay, Senior Research Principal at Gartner. “It is the cornerstone of cyber security initiatives which help SRM leaders secure new environments, protect against the expanded attack surface, consume security capabilities in new ways, and create better efficiencies through automation.”

Breach Report

According to the Cobalt 2024 report, a hacker uploaded a file named “rockyou2024.txt” on a well-known hacking forum containing about 9.9 billion unique plaintext passwords. This breach has raised alarming concerns as it included passwords from old and new data breaches, significantly increasing the risk of credential stuffing attacks, where attackers exploit leaked passwords to gain unauthorized access to user accounts where passwords may have been reused.

The Essence of Digital Risk Assessment in Light of Data Breaches

There are tools available that can aid in safeguarding against such breaches. According to the Cobalt 2024 report, Cobalt’s Digital Risk Assessment offers a proactive approach, utilizing Open Source Intelligence tools and techniques to identify potentially problematic information that may be publicly accessible about your organization. It provides a thorough overview of your digital footprint and identifies potential vulnerabilities.

By identifying these exposed assets, leaked credentials, and other sensitive information across the internet, including social media and the dark web, a Digital Risk Assessment allows you to address potential attack vectors before they can be exploited by attackers.

According to the Khaleej Times 2024 report, expenditures on Security and Risk Management (SRM) by end-users in the Middle East and North Africa region are projected to rise by 12.1%, reaching a total of $3.3 billion in 2024. This surge is attributed to the expanding “threat landscape” influenced by Generative Artificial Intelligence, as reported by a leading research and data provider in the IT sector.