Cybercrime Surge: Credential Theft Hits 63% of Companies

A recent report by Sophos highlights the growing threat of cyberattacks, with compromised credentials being the primary cause in 41% of incidents for the second consecutive year. The report shows a significant increase in companies lacking multifactor authentication (MFA), rising from 22% in 2022 to 63% in 2024, further emphasizing the importance of robust security measures. Attackers are now able to infiltrate business networks via external remote services in 71% of cases, and the average time for ransomware attacks from initial intrusion to data leakage is alarmingly quick, at just under three days. Experts stress that passive security measures are inadequate and advocate for active monitoring and rapid response to threats. John Shier from Sophos calls for a coordinated defense strategy to counter motivated adversaries effectively. These findings underscore the urgent need for companies to enhance their cybersecurity protocols and adopt proactive strategies to mitigate risks.