Account Takeover: A Top Cybersecurity Threat in 2024 and How Australian Businesses Can Stay Protected.

As one of the Top 50 Cybersecurity Attacks in 2024, Account Takeover (ATO) has quickly become one of the most pressing threats for organisations across Australia. The sophistication of ATO attacks allows cybercriminals to silently infiltrate and exploit user accounts for extended periods, causing significant damage before detection. With the rise of remote work, cloud applications, and online transactions, ATO remains a preferred method for targeting financial institutions, marketplaces, and any business that relies on login-based access.

Rather than immediately using stolen credentials, attackers operating ATO schemes aim to use the account as long as possible without raising suspicion. This makes institutions such as banks, financial services, and major marketplaces prime targets. However, any website requiring a login is susceptible to account takeover. Attackers can leverage compromised credentials to steal organisational information assets, or launch further attacks, exploiting the trust placed in the account.

Traditional network security approaches, while still essential, are no longer enough to protect against ATO. Identity is now the new perimeter, and organisations must focus on securing user credentials through continuous authentication and authorisation. With the rise of cloud applications and remote workforces, multi-factor authentication (MFA) and zero-trust models are critical tools that ensure no user or device is implicitly trusted. Access to resources must be continuously authenticated, protecting both internal and external systems.

Previously, limitations in technology integration hindered organisations from centrally managing and monitoring identity security. Today, however, advancements in access control technologies provide a powerful array of tools to prevent ATO, making it easier than ever to implement centralised, scalable identity protection measures.

Cybercriminals employ a variety of techniques to carry out ATO attacks, from proxy-based apps and brute force botnets to phishing campaigns and malware infections. Other less technical but equally effective methods include dumpster diving for personal information in discarded mail, or purchasing “Fullz,” slang for full packages of identifying information available for sale on the black market.

With this information in hand, an attacker can bypass weak knowledge-based authentication systems, especially if the business relies heavily on outdated network security models. A lack of a robust Identity and Access Management (IAM) framework leaves organisations vulnerable, as attackers can use stolen credentials to blend in with legitimate users and avoid detection.

As the digital economy continues to expand, so does the volume of sensitive transactions occurring online. This includes everything from social security numbers and home addresses to banking details and login credentials. Attackers can acquire this information through various channels, whether by targeting third-party vendors, employees, remote workers, or contractors.

The growing adoption of cloud services, coupled with the rise in phishing attacks and the increasing number of user identities in circulation, means that account takeover attempts can originate from anywhere. Whether it’s a disgruntled employee or a compromised third-party vendor, businesses must remain vigilant.

At Managed Services Australia, we protect our clients with a multi-layered approach to securing user identities and preventing account takeover:

1. Implement Multi-Factor Authentication (MFA): Adding an extra layer of security significantly reduces the chances of attackers using compromised credentials.
2. Adopt a Zero-Trust Security Model: Trust no one, verify everyone. By continuously authenticating users and devices, businesses reduce the risk of unauthorised access.
3. Strengthen Vendor Management Practices: Ensure that third-party vendors follow stringent security protocols to prevent their systems from being the weak link in your organisation’s security chain.
4. Conduct Regular Audits: Regularly assess your IAM framework and ensure that user access privileges are properly managed and reviewed.
5. End-User Behaviour Analysis with SIEM and SOAR: Our SIEM (Security Information and Event Management) and SOAR (Security Orchestration, Automation, and Response) systems use End-User Behaviour Analysis to monitor for anomalies in user activity. This proactive approach allows us to detect suspicious behaviour early, trigger alerts, and take corrective action. If a compromise occurs, our systems remediate the incident swiftly, minimising any potential damage.
6. Employee Education: Employees remain one of the biggest targets for phishing and social engineering attacks. Frequent training can help them recognise these tactics and prevent the inadvertent disclosure of sensitive information.

Account takeover is an ever-present threat in today’s connected world, especially as cybercriminals evolve their tactics to exploit vulnerabilities in identity and access management. Australian businesses must take a proactive, identity-centric approach to prevent attackers from gaining unauthorised access to user accounts. With the right technologies and strategies in place, including MFA, zero-trust, and advanced SIEM and SOAR systems, organisations can mitigate the risks and protect their operations from the devastating consequences of account takeover.

For more insights on protecting your business, reach out to Managed Services Australia for expert advice.

Visit our website at Managed Services Australia to learn more about our services and discover how we can help your business stay one step ahead of cyber threats.

Dial 1300 024 748, shoot us an email at [email protected], or schedule a session with one of our IT specialists.