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Recap of 2022’s Top 5 Data Breaches: What can your organization do to avoid it?

Recap of 2022’s Top 5 Data Breaches: What can your organization do to avoid it?

Millions of sensitive data records were exposed in 2022 as a result of significant data breaches. In 2022, there were more than 4,100 publicly reported data breaches, exposing around 22 billion records. 

In fact, according to Statista, data breaches resulted in “about 15 million data records being exposed worldwide” in the third quarter of 2022 alone, up 37% from the previous quarter. Over the previous few decades, the number of data breaches has largely increased in tandem with the growth in technology usage, with a significant increase in 2020. 

Let’s go over the five biggest data breaches of 2022, what could have been done to prevent them, and how to use stronger cybersecurity and data privacy safeguards to accomplish so. 

  1. Crypto.com Crypto theft

The hack, which targeted roughly 500 people’s cryptocurrency wallets, happened on January 17. In one instance, hackers stole cryptocurrency worth about $18 million in Bitcoin, $15 million in Ethereum, and other currencies. The ability of the hackers to get beyond two-factor authentication and access customers’ wallets was largely responsible for this being made possible. This is yet another illustration of the need of having a password manager. 

Crypto.com initially brushed off the attack as an “incident,” but later withdrew that claim, admitting that money had indeed been taken and that the affected individuals had been compensated. The business also disclosed that it had audited systems and strengthened the security posture of the corporation. Businesses need to understand the dangers of cryptocurrency theft. The most effective defense against this type of fraud is to ensure that all sensitive data is encrypted. 

  1. Microsoft Data Breach

Microsoft was the victim of a hacking gang called Lapsus$ on March 20, 2022. The group claimed they had hacked Microsoft and compromised Cortana, Bing, and several other products in the process in a screenshot uploaded on Telegram. Microsoft was hacked, and the hackers were able to obtain some data, however by March 22nd Microsoft had immediately stopped the hack and only one account had been stolen. Additionally, according to Microsoft, no customer data had been obtained. 

In this instance, Microsoft benefited from the attention its strong security response garnered. Microsoft’s security team was prepared because the Lapsus$ organization had previously targeted Nvidia, Samsung, and numerous other businesses. 

  1. Data Breach at Red Cross

Hackers attacked servers containing the personal data of more than 500,000 persons receiving services from the Red Cross and Red Crescent Movement in January 2022. The organization’s Restoring Family Links services, which strive to reunite people split apart by conflict, migration, and violence, were represented in the data on the servers that had been compromised. Although the perpetrator of this alleged nation-state attack has not been positively identified, the Red Cross shut down servers to stop it. 

  1. Samsung

In 2022, the security of smartphone giant Samsung was compromised twice: in March and August. 200 terabytes of private information, including Galaxy device source code, were acquired during the first intrusion. Customers’ personal information, including name, contact and demographic details, date of birth, and product registration details, were stolen in the second data breach. 

  1. Ronin Crypto Theft

Between November 2021 and March 2022, this cryptocurrency-based blockchain gaming site was targeted. Players can gain non-fungible tokens (NFTs), a type of financial security made up of digital data stored in a blockchain, and digital currency by playing Ronin’s Axie Infinity game. The company relaxed security procedures as the game’s popularity grew so that its servers could accommodate an expanding user base. This allowed for more participants but also for thieves to steal $625 million in cryptocurrencies. Never compromise your security standards. Ronin’s parent firm is assisting law enforcement in their efforts to find the perpetrators and recover lost monies.  

 

Reasons frequently cited for these data breaches and things to remember: 

  1. Old vulnerabilities – After making a successful first effort, hackers frequently leave a secret window they can utilize to get access to a company’s systems again. A second assault may occur if first-attack vulnerabilities are not fixed.
  2. Human mistake – Staff members who use poor passwords put systems at risk of further attacks. Employees browsing phishing websites and clicking on dangerous links are two more prevalent human blunders. If corporations don’t provide security training after a first breach, staff members may repeat earlier errors that make companies vulnerable.
  3. Malware – To steal sensitive data from a company’s network system, hackers utilize malicious software like viruses, ransomware, Trojan horses, spyware, adware, etc. Nothing will prevent subsequent attacks if a corporation doesn’t improve monitoring procedures following a breach.

What can organizations do to avoid data breaches? 

Here are 5 tried-and-true strategies to guard against cyber security breaches at your business. 

  1. Control who can access your most important info.

Every employee used to have access to all of the files on their computer back in the day. Companies today are discovering the hard way how important it is to restrict access to their most important data. A mailroom employee has no need to see a customer’s financial information, after all. By limiting who is permitted to read specific papers, you reduce the number of workers who might unintentionally click on a hazardous link. Expect to see all records partitioned off as organizations go into the future so that only those who specifically require access will have it. One of those obvious fixes that businesses probably ought to have implemented sooner rather than later. 

  1. Asset Register

You will have a better knowledge of your organization’s security posture if you have visibility into the hardware and software assets that are present in your network and physical infrastructure. The dangers and vulnerabilities that your assets might face can be categorized and rated using an asset inventory. You can more effectively prioritize the remediation activities that will be made on these assets by categorizing and ranking these vulnerabilities. 

Endpoint protection is now a top priority because of data breaches. Simply said, antivirus is insufficient to stop a significant data intrusion. In reality, if you only use anti-virus protection, your endpoints, such as computers and laptops, would be left open to attack. Your PCs and laptops could end up being a key entry point for breaches. 

Encryption is used to avoid data loss and leakage, and standardized data protection standards are enforced across all of your servers, networks, and endpoints, lowering the likelihood of a data breach. 

  1. Management of Vulnerability and Compliance

You can find the holes, weak points, and security misconfigurations in your physical and virtual environments by using a vulnerability and compliance management (VCM) solution, or at the very least by performing a vulnerability assessment. VCM can continuously check your infrastructure and IT assets for flaws in compliance, configuration best practices, and vulnerabilities. 

Allowing your security team to better understand the environment’s security vulnerability concerns, i.e., the Threat Landscape, and priorities around what requires remediation are just a few advantages that will assist mitigate a data breach. You can develop an action plan to address these vulnerabilities and delegate it to the proper staff members with the help of a decent VCM. 

  1. Security posture audits on a regular basis

Validating your security posture will be made easier by conducting routine audits to find any potential brand-new gaps in compliance or governance. Unlike vulnerability assessments or penetration tests, a security audit will provide a more detailed evaluation of your security practices. A security audit takes into account both the organization’s dynamic character and its approach to information security. 

  1. Educate & Train Your Staff

You can then impose a documented employee policy on data privacy and security after finishing your security policy audits. People cannot voluntarily comply with policies they are unfamiliar with, so you should organize frequent security trainings to ensure that all staff are aware of these newly developed policies. 

Conclusion  

Data breaches may be costly, time-consuming, and leave a lasting stain on your company’s reputation. However, we think that the bulk of data breaches can be avoided. You have the best chance of avoiding the majority of data breaches if you are proactive with compliance practices and thoroughly train your employees. You will also be better prepared to defend yourself should a breach occur. 

 

With an intent to make privacy and Tsaaro leave a meaningful impact behind, we recognize and encourage every Privacy Enthusiast and honor individuals who have made significant contributions to the field of data privacy through their dedication, hard work, commitment, and excellent leadership. Tsaaro Academy strives to offer the best instruction and training possible in the field of data privacy. As an IAPP Official Training Partner, we not only want to offer CIPP, CIPT, and CIPM certifications and training but also to assist students in getting real-world experience by working with them on real-world projects through our consulting business at Tsaaro. We close the talent gap in the worldwide market by facilitating entry into the data privacy industry for privacy lovers through courses like Data Privacy Fundamentals and Data Protection Officer Certification.   

The guidelines for better Privacy management and administration are straightforward once you understand them. Once they become ingrained in your behavior, they will aid in defending you from frequent scam tactics. Get in touch with us at info@tsaaro.com. If you want to run an audit of your consent practices, check out our Regulatory Compliance Service, and Schedule a call with our experts by clicking here. 

Upskill yourself
with these courses

cipt

Certified Information Privacy Technology

cipm

Certified Information Privacy Manager

CIPP US

Certified Information Privacy Professional/United States

Certified Information Privacy Professional/Europe

DPF

Data Privacy Fundamentals

Data Protection Officer Certification

CT-DPO

Certified Tsaaro Data Protection Officer Course

Upskill yourself
with these courses

Upskill yourself
with these courses

cipt

Certified Information Privacy Technology

cipm

Certified Information Privacy Manager

CIPP US

Certified Information Privacy Professional/United States

Certified Information PrivacyProfessional/Europe

Data Protection Officer Certification

DPF

Data Privacy Fundamentals

CT-DPO

Certified Tsaaro Data Protection Officer Course

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