A recent leak of sensitive data from a major crypto exchange app has experts warning of a potential cybercrime epidemic. According to Fowler, the breach offers hackers a “cybercriminal’s dream working list” that can be used for identity theft, fraud, and hacking.
In 2023, data breaches saw a 72% increase despite affecting 353 million individuals. However, in 2024, mega-breaches like this one have led to a 312% jump in people affected, with cloud storage being a major vulnerability.
This breach highlights the risks of relying on cloud services to save money. A recent IBM report found that 82% of breaches involve cloud-stored data. In this case, overseas support agents at Coinbase were allegedly bribed by hackers for access to their customer database, with estimated damages potentially reaching $400 million.
To minimize harm, experts recommend changing passwords immediately, using unique and strong ones, and enabling multi-factor authentication. Freezing credit with major bureaus like Equifax, Experian, and TransUnion can also prevent new accounts from being opened in your name.
Stay vigilant by checking login information for leaks, setting up transaction alerts on credit cards, and ensuring email and phone numbers linked to bank and shopping accounts are up-to-date. As one expert noted, “This is a wake-up call for people who haven’t been careful online.”
Source: https://economictimes.indiatimes.com/news/international/us/urgent-alert-for-americans-as-184-million-passwords-leak-in-major-data-breach-what-you-must-do-now/articleshow/121537136.cms?from=mdr