SEARCH FINANCIAL SERVICES INFRASTRUCTURE SECURITY SCIENCE INTERVIEWS

 

     

Hackers Shift From Consumers Towards Businesses

January 29, 2021

In 2020, the number of individuals impacted by a data breach was down 66 percent from 2019; cybercriminals continue to shift away from mass attacks seeking consumer information and towards attacks aimed at businesses using stolen logins and passwords

The Identity Theft Resource Center (ITRC) released its 15th annual Data Breach Report. According to the report, the number of U.S. data breaches tracked in 2020 (1,108) decreased 19 percent from the total number of breaches reported in 2019 (1,473). In 2020, 300,562,519 individuals were impacted by a data breach, a 66 percent decrease from 2019.

The 2020 Data Breach Report shows the continuation of a trend from 2019: cybercriminals are less interested in stealing large amounts of consumers’ personal information. Instead, threat actors are more interested in taking advantage of bad consumer behaviors to attack businesses using stolen credentials like logins and passwords. Due to the shift in tactics, ransomware and phishing attacks directed at organizations are now the preferred data theft method by cyberthieves.

Ransomware and phishing attacks require less effort, are largely automated, and generate much higher payouts than taking over individuals’ accounts. One ransomware attack can generate as much revenue in minutes as hundreds of individual identity theft attempts over months or years. According to Coveware, the average ransomware payout has grown from less than $10,000 per event in Q3 2018 to more than $233,000 per event in Q4 2020.

Download the ITRC’s 2020 Data Breach Report
“While it is encouraging to see the number of data breaches, as well as the number of people impacted by them decline, people should understand that this problem is not going away,” said Eva Velasquez, president and CEO of the Identity Theft Resource Center. “Cybercriminals are simply shifting their tactics to find a new way to attack businesses and consumers. It is vitally important that we adapt our practices, and shift resources, to stay one step ahead of the threat actors. Although resources continue to decline for victims of identity crimes, the ITRC will continue to help impacted individuals by providing guidance on the best ways to navigate the dangers of all types of identity crimes.”

One notable case study highlighted in the ITRC’s 2020 Data Breach Report is the ransomware attack on Blackbaud, a technology services company used by non-profit, health and education organizations. A professional ransomware group stole information belonging to more than 475 Blackbaud customers before informing the company the information was being held hostage. The stolen information included personal information relating to more than 11 million people that was later reported to have been destroyed by the cybercriminals after Blackbaud paid a ransom.

Another notable finding was that supply chain attacks are becoming increasingly popular with attackers since they can access the information of larger organizations or multiple organizations through a single, third-party vendor. Often, the organization is smaller, with fewer security measures than the companies they serve.

To learn more about the latest data breaches, visit the ITRC’s interactive data breach tracking tool, notified. It is updated daily and free to consumers.

For anyone that has been a victim of a data breach, the ITRC recommends downloading its free ID Theft Help app to manage the various aspects of an individual’s data breach case.

Terms of Use | Copyright © 2002 - 2021 CONSTITUENTWORKS SM  CORPORATION. All rights reserved. | Privacy Statement