The Rise of Credential and Identity Theft: A Growing Concern

In this era of technology, identity theft and credential theft have become real and widespread dangers that everyone must constantly guard against. As someone working in the security field, you may be accustomed to detecting and preventing multiple phishing attempts every month. However, your co-workers, such as Laura from Engineering or Steven from Marketing, may not have the same level of awareness and could be more vulnerable to these types of attacks. That's why it's crucial to be well-versed in these threats and take necessary precautions to safeguard against them.

The Escalating Threat Landscape

The occurrence of attacks targeting identity has significantly risen in recent years. According to recent data, there has been a 147% increase in advertisements for access broker services over the past year. These brokers take advantage of compromised login credentials, obtained through data breaches or sold on the dark web, to gain unauthorized entry into systems and networks. One of the greatest hurdles in preventing identity-based attacks is their subtle nature. When cybercriminals use legitimate user credentials, it becomes challenging to discern between normal user activities and malicious actions. This ability to blend in with regular operations makes it difficult to effectively identify and stop such attacks.

Why Cybercriminals Thrive on Credentials and Identities

To devise effective countermeasures, it's essential to understand why credentials and identities are so attractive to cybercriminals. There are four main reasons:

The Human Element: A Vulnerable Link

With the help of artificial intelligence (AI), cybercriminals have upped their game in phishing and smishing (SMS phishing) campaigns. AI allows them to create highly believable emails and messages that can easily trick unsuspecting individuals. Furthermore, AI has paved the way for the creation of stealer malware, which is designed to steal account passwords, cookies, credit card information, and other confidential data. This gives cybercriminals an extra tool to gather login credentials, which can then be used or sold on the dark web.

The Lucrative Market for Stolen Identities

In the past, stolen login information held little value. But now, there is a thriving underground market for these credentials. Cybercriminals can easily use, trade, or sell them, making them highly sought after. This profitable industry motivates threat actors to concentrate on obtaining these credentials through illegal means.

The Shortcut to Cyber Infiltration

Having valid credentials allows cybercriminals to bypass the initial obstacles of gaining entry into a system. Instead of searching for vulnerabilities to exploit, they can simply log in and move horizontally throughout the network. This significantly shortens the time needed to accomplish their goals. For example, the average breakout time, which is the time it takes for an attacker to move from their initial compromise to another host within the victim's system, is now only 79 minutes. The fastest recorded eCrime breakout time was a mere seven minutes.

Broad Access: The Enterprise-wide Impact of Stolen Identities

When cybercriminals obtain stolen login information, they can access more than just one device. With a valid username and password, they can infiltrate cloud infrastructure, data storage systems, various software tools, applications, and more. This broad level of access makes attacks targeting user identities highly desirable and potentially catastrophic. Cybercriminals can move quickly and unrestricted within the network without strong security measures, such as multifactor authentication (MFA).

Protecting Against Identity-Related Attacks

Given the rising threat of identity theft and credential theft, it is crucial to implement comprehensive security measures. Here are a few strategies:

Educate Employees: Regularly train employees on how to recognize phishing and smishing attempts. Awareness is the first line of defense against credential theft.

Implement Multifactor Authentication (MFA): MFA adds an extra layer of security, making it harder for cybercriminals to gain access even if they have stolen credentials.

Monitor for Unusual Behavior: Use advanced security tools to monitor for unusual user behavior that may indicate compromised credentials.

Regularly Update and Patch Systems: Ensure that all systems and applications are up-to-date with the latest security patches to prevent exploitation of known vulnerabilities.

Use Strong, Unique Passwords: Encourage the use of strong, unique passwords for different accounts to minimize the impact of credential theft.

Conclusion

With the increase in identity and credential theft, it is crucial to remain watchful and take preventative measures against these dangers. By comprehending the motivations behind cybercriminals' attacks on credentials and implementing strong security protocols, businesses can effectively safeguard their confidential data and minimize the risks of potentially catastrophic cyber assaults.