How Software Failures Led to Breaches
Businesses across various industries have software applications in place to power everything from personal devices to critical infrastructure. These applications are growing in complexity, making them susceptible to crippling cyberattacks which are exacerbated by misconfigurations and the misuse of AI. In fact, the Check Point Team stated that the third quarter of 2024 experienced an average of 1,876 cyberattacks per organization on a weekly basis, marking a 75 percent increase compared to the third quarter of 2023. What's more, several researchers report that the worldwide cybercrime costs are projected to grow to 10.5 trillion Dollars annually by 2025.
Organizations need to ditch their cookie-cutter approach of employing reactive measures and adopt a more proactive, multi-pronged strategy powered by AI and IoT to address these challenges. Exploring notable software failures in recent years, highlighting their causes and the impact of it can help organizations better understand the evolving threat landscape and take measures to strengthen their cybersecurity posture. By analyzing these incidents, organizations can identify vulnerabilities, implement robust security frameworks, and harness the power of AI-driven threat detection to mitigate risks before they escalate. into full-scale breaches.
Microsoft Exchange Server Vulnerabilities
In January 2021, four critical zero-day vulnerabilities were uncovered in on-premise Microsoft Exchange Servers. The attackers had access to email accounts and installed malware, sending the cybersecurity community into a state of panic. The attack left consumers open to significant data theft as well as operational disruptions. The breach affected close to 300,000 to 400,000 customers across the globe, including U.S. government agencies and private sector companies. Microsoft then released an effective security patch to put a stop to the exploitation of the vulnerabilities and protect the attack surface.
MOVEit Data Breach
A vulnerability in MOVEit, a managed file transfer software, led to a series of cyberattacks by a hacker group called CLOP in June 2023. Thousands of organizations whose supply chains use the MOVEit app and nearly 100 million individuals suffered a data breach where employees' as well as customers' data were stolen in just one hack.
Attackers exploited the flaw to steal sensitive information, impacting entities like the U.S. Department of Energy, pension funds, British Airways, financial services organizations, non-profit organizations, and more. The breach highlighted the risks associated with third-party software vulnerabilities. Learn more about SureShield’s vulnerability management framework tool.
Ransomware Attack on Change Healthcare
Change Healthcare, a leading provider of revenue and payment cycle management and clinical information exchange solutions, suffered a ransomware attack that disrupted medical services nationwide in February 2024. The attack resulted in file encryption and the theft of data of an estimated 190 million individuals. This breach led to significant operational challenges while highlighting the vulnerabilities in the healthcare sector's digital infrastructure.
In response to this ransomware attack and data breach, the District Court Judge set a deadline of March 2025 for the organization to file motions to dismiss certain claims raised in multiple complaints.
MGM Resorts and Caesars Entertainment Cyberattacks
In September 2023, both MGM Resorts (an American multinational hospitality, sports, and entertainment company) and Caesars Entertainment (an American hotel and casino entertainment company) fell victim to cyberattacks orchestrated by the hacking group Scattered Spider. The attackers employed social engineering techniques to bypass multi-factor authentication, gaining access to sensitive internal systems. Caesars reportedly paid a 15 million dollar ransom to prevent compromised data release, while MGM Resorts faced prolonged operational disruptions for nearly a week. Guests of MGM faced a broad range of issues like the malfunctioning of ATMs, slot machines, online reservations, and electronic payment systems. Even today, industry experts continue to analyze the MGM breach as a high-profile example of ransomware and social engineering attacks on large-scale organizations. These incidents highlighted the vulnerabilities posed by human factors and the rising sophistication of techniques executed by cybercriminals.
These incidents emphasize the massive impact software failures can have on organizations and individuals alike. As software systems become increasingly integral to daily operations, ensuring their security and reliability is imperative. Regular updates, thorough testing, and proactive cybersecurity measures are essential to prevent such catastrophic events in the future.
