Password fail: Russian crime ring hacks 1.2 billion log in credentials

Record security breach proves passwords no longer sufficient: Centrify

Computer security experts have slammed the safety of passwords after a Russian crime ring hacked more than 1.2 billion username/password combinations.

Unified identity services firm, Centrify, say a record security breach by a Russian crime gang proves traditional security measures are no longer sufficient in protecting our personal and corporate privacy.

The warning comes after a Milwaukee firm, Hold Security, discovered the confidential records, which was gathered from 420,000 websites, incuding from major companies.

The crime ring, Cybervor, hacked more than 1.2 billion username/password combinations and more than 500 million email addresses from sites of all sizes, and from all parts of the world.

On the same day, Target’s stock tumbled after news that its massive data breach cost the company more than US$148 million.

Individuals, as well as companies, are paying a huge price because traditional security measures – antivirus software, passwords, VPNs and firewalls – are no longer sufficient, according to Centrify.

Centrify security strategist Chris Webber, said these vulnerabilities arose from over-dependence on user names and passwords for security.

“The real problem is that hackers quickly move beyond our credit card data to our usernames and passwords, which are a much bigger route to our money,” he said.

“To simplify things: what if you only had one key to every lock in your life – house, car, office, kid’s dorm room, etc – then imagine that key unlocked every valuable part of your family’s life, and had your name etched into it forever.

“When hackers compromise our usernames and passwords, they have the key to all of our locks. We need to demand a better online security solution.

Webber said we needed to eliminate usernames and passwords, and replace them with something that’s far more secure.

"The technology exists. Businesses know about it. IT departments know about it," he said.

“Now we need to demand that we all start using it. Until then, the big companies will keep getting hacked, but you and I will be the ones that keep getting stolen from.”

2014 ARN Women in ICT Awards - Nominations close October 27!: Nominations have opened for WIICTA 2014 and will stay open until October 27. But don't be late, be among the first in and NOMINATE NOW!!!

Tags Russian crime gangCentrify security strategist Chris WebberHold Securitycybervor

More about Centrify

Comments

Comments are now closed

 

Latest News

12:14PM
McAfee targets SMB with new security suites
10:38AM
DataCore inks multi-year Transdev contract
10:08AM
HP launches Store Virtual Hyper-Converged Appliance
09:29AM
AVG partners Centrify in secure mobility play
More News
23 Oct
NewLease & Microsoft Technical Sessions
23 Oct
NewLease & Red Hat Breakfast Briefing (Sydney)
29 Oct
NewLease & Microsoft Technical Sessions
30 Oct
Ovum 2020 Telecoms Summit
View all events