Protecting your business from breaches and account takeovers has never been a bigger challenge. New tools make it possible for even unsophisticated actors to perform advanced, widespread attacks that put your business at risk. According to the 2019 Verizon Breach Report, stolen credentials are the leading attack vector – yet in a recent study by Symantec, only 7% of respondents rated account takeover as a top threat to their business or cloud infrastructure.
Regardless of the thoughtful measures and policies you have in place, the hard truth is that no policy can protect you from human behavior. For example, your employees may be reusing compromised passwords to access corporate systems or signing up for 3rd party services like LinkedIn or Fantasy Football using their work credentials.
Businesses don’t know when their when their employees accounts have been breached.
The Account Takeover Threat Is Real
The 2019 Verizon Breach Report backs up these findings, discovering that of all of the 41,686 security incidents studied, 53% involved hacking, with the use of stolen credentials being the #1 hacking tactic for the 3rd year running. 28% involved malware. What are the bad guys doing with these stolen credentials? Frequently, they leverage these assets to take over accounts – business accounts included.
Many businesses wrongly believe account takeover is a personal matter that doesn’t impact them. So what if an employee’s Facebook account was breached? Unfortunately, because of password reuse across multiple accounts, a personal account that is compromised often leads to business accounts being at risk as well. Once a cyber criminal discovers these credentials and PII information, something they can easily do in only seconds, they can begin taking over the victim’s work accounts to access secure data.
Why Business Account Takeover Is So Alarming
Part of the problem is that business account takeover comes in many shapes and sizes. Ransomware, for example, is malicious software that corrupts and deletes files unless a ransom is paid. It is usually inadvertently downloaded through an emailed link or attachment that looks legitimate. Employees who get these emails believe they are opening up files from a known source. While these emails usually come from a recognized account owner, the account has actually been taken over by a criminal who sent the email on the real owner’s behalf without the real owner’s immediate knowledge. Ransomware payments have doubled since 2016, costing companies $2 billion.
Take Action Before the Criminals Do
Because of widespread password reuse, Account Takeover (ATO) attacks have become an extremely lucrative business for cyber criminals. They exploit compromised accounts for financial gain by pilfering financial or personally identifiable information (PII) directly or by selling access to these accounts on underground markets.
Even unsophisticated threat actors can compromise a number of your customer or employee-facing accounts with little to no knowledge of traditional hacking techniques.
Is your organization safe? Stop ATO before it happens.