Cyberattacks have always been a threat in this age of digitization, but what really took the cake was 2024. From AT&T’s multiple data breaches to Star Health Insurance’s hack that compromised millions of patient records, such cyberattacks this year are a wake-up call.
With personal data such as passwords, medical records, and financial details available on the dark web, how safe is your data?
A Record Year for Cyberattacks
The digital world we rely upon has become extremely vulnerable, and 2024 proved to be one of the worst years for cybersecurity. In this one year alone, thousands and millions of personal records have been stolen, sold, or held for ransom.
What is more worrisome about these breaches is that our personal information often makes up the package. Hackers can steal passwords, addresses, browsing habits, and even medical histories—and it’s all up for grabs to the highest bidder.
Let’s look at some of the greatest breaches in 2024 and their impact.
WazirX Cryptocurrency Hack: $230 Million Stolen
WazirX, one of India’s best-known cryptocurrency trading platforms, suffered a hack in August that saw hackers rob the platform of $230 million worth of crypto assets. The breach caused WazirX to stall trading and withdrawals. Half of its reserve got compromised, and it is now managing losses by distributing them among users.
Users can only trade or withdraw 55% of their crypto assets, while the remaining 45% can either be traded with limited access to withdrawals or held with no priority for recovery. Imagine waking up one morning only to find nearly half your assets frozen overnight—that’s what has befallen many WazirX users today.
What It Means for Crypto Investors
This breach revealed the danger that cryptocurrency platforms present; in that your investments are vulnerable to complete disappearance in minutes. For the case of WazirX, as it is still reversing trades from the time of the breach, there have been users who have been holding on to hope that they will at one point get their assets back.
AT&T: Millions of Customers Exposed
One of the worst breaches in 2024 was against AT&T, one of the largest telecommunications companies in the United States. In July, over six months, hackers siphoned 110 million records, including sensitive information such as phone numbers and call logs. The shocking part is that people who did not even use the network but received calls from it were also affected.
The March Breach
In March, another 73 million customer records were leaked on a cybercrime forum, including names, numbers, and postal addresses. It even allowed access to encrypted passcodes of over 7.6 million customers. The company admitted it still doesn’t know how or where the data leaked, which raises questions about the ability of the company to protect its users. So again, how safe is your data with major companies?
Star Health Insurance: 31 Million Records Hacked
But perhaps the most serious incident was that against Star Health Insurance in India, with hackers stealing 31 million customer records. They used Telegram chatbots to steal data that included phone numbers, ID cards, and even tax details and medical records. They made 5.8 million claims publicly accessible.
The Legal Fight
After the breach, Star Health initiated legal actions against Telegram and Cloudflare, accusing the two of employing platforms where such stolen data was being circulated. It has reminded everyone that healthcare systems are extremely vulnerable to cyberattacks. Once again, the question arises: how safe is your data in such sensitive industries?
Snowflake Breach: Effect on 165 Companies
Hackers broke into Snowflake, an enterprise data company, grabbing 560 million records from Ticketmaster and other companies like Advance Auto Parts and TEG. What was most astounding, however, is that it never enforced multi-factor authentication (MFA), a crucial layer of protection in this age of cloud computing. Cyber hackers capitalized on this deficiency and accessed the sensitive data of over 165 companies.
Why MFA Matters
Multi-factor authentication is a crucial tool in today’s digital landscape. The lack of MFA within Snowflake allowed hackers to steal vast amounts of data.
If you haven’t enabled it for your platforms yet, how safe is your data?
The Snowflake breach may impact millions worldwide as the ripple effects continue across their customers.
Change Healthcare: One-Third of Americans Affected
One of the largest breaches of 2024 occurred against Change Healthcare, a subsidiary of UnitedHealth Group. This cyberattack exposed personal, medical, and billing information for millions of American citizens. Since one-third of the U.S. population may have been affected, this breach shows that cyberthieves continue to target healthcare information.
UnitedHealth Group paid the hackers to receive a copy of the stolen data; however, the extent of the breach is still unknown.
Increasing Need for Cyber Security
These attacks create an urgent need for robust cybersecurity measures. Whether it’s cryptocurrency organizations, telecom companies, or even the healthcare system, the threat is all-encompassing. Experts recommend multi-factor authentication, regular data backups, and staying updated with security patches to prevent such incidents.
2024 proved that no company was immune to a data breach. In response, we need to be vigilant and proactive about our security. After all, in the world of information being currency, your data is priceless.
Takeaway: Are You Safe?
When data breaches are this sophisticated and easy to execute, you have no excuse but to take your safety seriously. Change those passwords often, use multi-factor authentication, and be mindful about the platforms you engage with. And if 2024 taught us anything, it’s that nobody is immune to cyberattacks.
So, how safe is your data? Stay safe, and stay informed with Cyber Knowledge Base—your data is more valuable than you think.