Security Nightmare with Hackers Releasing 1,000 Crore Passwords in Major Breach

 

Cyber-security breaches are becoming more and more prevalent and this is causing a lot of concerns amongst the public. The report by Semafor claims that some 10 billion (1,000 crore) passwords have been leaked from a hacking forum online about a file that contains nearly 10 billion (1,000 crore) passwords. The incident that took place on July 4th is regarded as being among the largest cyber-security breaches that have been recorded in history. As a result of the massive leak, a credential stuffing attack could be performed with the help of this massive leak, highlighted the report. 

As a type of cyberattack, credential stuffing involves hackers stealing usernames and passwords from several related data breaches to gain access to other accounts owned by the same individual. A significant increase in cyberattacks and malicious attempts to steal data in the past five years has led to an increase in the probability of financial harm becoming a worldwide problem, not only for individual citizens but also for governments and financial institutions spread around the globe. 

Cybersecurity reports state that around 10 billion passwords belonging to various people have been made public on global forums, whether they represent social media accounts or email accounts owned by individuals. There is no doubt that this was one of the biggest data breaches ever in the history of mankind. 

The Semafor news website reports that a file containing around 10 billion (1,000 crores) passwords was leaked via online hacking forums, which was compiled by an anonymous hacker. Several old and new password breaches were compiled into the compilation, which was uploaded to the internet on July 4 and is one of the largest leaks that anyone has seen to date. According to the SEMAFO report, this massive leak has increased the risk that credential-stuffing attacks will become possible. 

As a result of the leak's nature, as it yields a single searchable file, hackers will have an easier time discovering user data thanks to the single searchable file. An attack called credential stuffing occurs when hackers use an infected password to access multiple accounts connected to the same user as soon as the password has been compromised. In the example below, it is possible to break into user A's bank account by using the email password that they use for their email. 

The cyber-news is reporting that credential stuffing attacks are compromising users across various platforms such as AT&T, Santander Bank, Ticketmaster, 23andMe, and several other companies. It was also noted in the report that related to a report by the International Monetary Fund (IMF) and a study published by Lancet Journal, the number of malicious cyberattacks has doubled globally since 2020, with the financial industry (20,000 cyberattacks since 2020) and health sectors being hit hardest. 

The size of the leak, however, has provided some relief for worried netizens - some analysts have suggested that, as a result of its sheer size, the file may not be able to be accessed. Even though more accounts have been leaked, the report notes that the likelihood of cyberattacks is not heightened just by more passwords being leaked - but of course, it highlights the "glaring holes" in the security systems in place.