Brazil’s central bank is under scrutiny after its software provider, C&M Software, was hacked, resulting in $140 million stolen. The breach occurred when an employee sold his login credentials to a threat actor for $2,700, allowing them to access the system and steal funds.
The incident highlights the growing risk of cybersecurity threats facing centralized systems, which can lead to significant financial losses or data theft. This vulnerability is exacerbated by artificial intelligence and AI tools, making it easier for hackers to infiltrate these systems.
Centralized exchanges have also seen an uptick in hacks, with hackers targeting digital platforms with single points of failure. To mitigate this risk, decentralized blockchain technologies like zero-knowledge proofs (ZKPs) are gaining importance, as they force hackers to target individual wallets or accounts rather than centralized databases.
As cybersecurity expert Eran Barak notes, cybercriminals see massive returns by targeting centralized systems due to the potential for millions of passwords and sensitive data. However, decentralized blockchain technologies make it less appealing for hackers to target these systems, reducing their return on investment (ROI).
Source: https://cointelegraph.com/news/brazil-central-bank-service-provider-hacked-140-million