High demand for breached cloud account credentials

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According to State of Cloud Security Report compiled by Snyk, over 80% of organizations have suffered cloud security in the past one year and an equal proportion of them have suffered a data breach, but aren’t aware of it due to lack of coordination between teams & policy frameworks, enforcement challenges and budget allotment on time.

The report that was compiled after taking the response of over 400 cloud engineers and security analysts concluded that their cloud platforms suffered a variety of attacks in the past 12 months and that includes incidents related to ransomware, crypto mining malware attacks, infiltrations and breaches.

What’s mortifying about the report is that 58% of respondents predict they will again become a target of a sophisticated cyber attack, but are not in a position to defend themselves because of budget constraints.

Another report compiled by IBM Security X-Force states that companies are introducing cyber risks by themselves via poor configurations, human errors, and software vulnerabilities.

Thus, with the rise in cloud security incidents, hackers are reportedly making millions by selling the cloud accounts related to data on the dark web. Interestingly, as soon as a cloud platform is breached, hackers are seen selling the data within 7 days of the leak. Such is the demand for the freshly available data- as cyber criminals are ready to pay anywhere around $7.48 to $11.86 respectively for each compromised credentials.

Recruiting dedicated security experts, or educating n training the IT staff on the current cybersecurity posture and risks involved in cloud security landscape will help companies in securing their IT infrastructure from cyber attacks.

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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