There can be many social evils and digital scams continuously happening all around the globe. We can associate each crime with various points and links, but all the online frauds and information leaks connect with IT security attacks.
The demand of IT security consulting was at its peak a decade ago and today is also the same case scenario, as global cybercrime’s cost is expected to cross 10 trillion in 2025! IT security threats don’t have a stopping point; unfortunately, each fresh business startup or established organization with a general social presence is the target of these cyber exploiters.
Let’s go through the recent billion-dollar crypto thrift, becoming the major digital currency stolen case in recent years. Also, get insight into how we can prevent the possibility of getting attacked & becoming vulnerable with the help of IT security services.
Bybit’s $1.4 Billion Swipe – Recent IT Security Consulting Needing Incident
The incident occurred on 21 Feb 2025. Bybit is a Singapore-based crypto exchange currency platform with headquarters in Dubai, UAE. As per the confirmed reports, a major North Korean group of hacking organizations went rough and stole around 1.4 billion worth of crypto coins from Bybit, swiftly converting the currency in Ether (ETH) then Bicoints. Now the 1.4 worth digital money is transferred into more than 4,400 bitcoin addresses.
The recent cyberattack is being named as the largest cryptocurrency theft in history whose 10% just went into exchange fees, freezes, and off-ramps. The aftermath practice of the North Korean hacking group took an influencing take from cinematic movies. First, splitting the funds into various wallets, exchanging crypto funds into other blockchain transactions, distributing to thousands of addresses, and at the end converting the funds into cash.
What Must Have Gone Wrong? Hinting the Importance of IT Security Services
This unfortunate encounter has shocked the world. So, the intentions of internal security issues are apparent. It’s not that a giant hub like Bybit may have not worked on its endpoint security protection or cloud network security plans. But maybe they lacked what is needed for the perfect action plan suggested by their hired IT security consulting resources.
Furthermore, the game can be big and beyond our control and imagination. Although we must acknowledge the need for IT security consulting. Therefore, we are going for the five common possible scenarios or breaches that may lead to this expensive and unsecured digital representation. Here are what can be the reasons for these fatal attacks:
- Malware Exploits & Social Engineering
The evil practices of social engineering involve false play, fake information sharing, and scamming others. Phishing traps, such as whaling, vishing, quashing, email traps, and smishing are a few of the common times of social engineering that focus on playing with human emotions and psychology. On the other hand, during the cyber exploits of giant organizations, malware exploits commonly lethal viruses become the second attempt to hack the systems, leak confidential info, or use the stolen data for ransomware.
- Mediocre to Dead Security Clearance Management
Maybe their systems weren’t fully protected. There can be breaches due to weak endpoint security management or cloud network passwords and role-based access control mishaps. Security clearance management is the process of keeping outsiders or untrusted parties away from the overall IT network. So, maybe due to a lack of updates in multi-signature approvals led to this massive incident.
- Strong Possibility of Internal Threat
Zero damage control support, reckless digital exploration, careless acknowledgment of guided security policies, and international/non-intentional organizational flaws come under internal threats. Human errors in companies or any other business are the clear indignation of the internal thread. Companies with massive, classified data do have crisis management plans, AI-integrated endpoints, and MDR protection systems. Although understanding what was the actual cause for this Bybit digit funds massacre is a mystery as of this time.
- Unknown & Undetected IT Network Vulnerabilities
Yes! There are rootkits or destructive internal information networks destroying APT (advanced persistent threat). In the digital demonic and evil world of cybercrime as a service (CaaS), zero exploits, AI-powered malware, ransomware as a service (RaaS), and advanced persistent threats, are unknown fatal threats. These malicious viruses uncover the sensitive vulnerabilities of business organizations. In a process, they first enter the endpoints and cloud networks as fileless malware or duplicate files, remain for weeks or months, and in the end, take over the whole IT infrastructure just like that.
- Avoidance of Crisis Management
There is a wrong understanding of crisis management services. It’s not the last but the first step to keep things under control before any catastrophic scenario happens. In simple, your IT security consulting partners charge you with the best cybersecurity plans. Including modern tech adaptations and integrations. Being the trusted resource for IT security services, the consulting partner can offer:
- Malware attacks solutions
- Phishing traps awareness
- Endpoints security protection
- cloud network security
- Workforce awareness & training
- Cyber insurance to prevent IT security risks
- Suggestions for SOC, MSSP, or SIEM collaborations
Having the best IT security partner is a blessing. In reality perspective, companies should pursue themselves dead if they still lack an action plan for their open vulnerabilities, endpoint security, cloud network monitoring, and crisis management. Companies shouldn’t feel for these harsh comments, as Bybit’s historical downfall in cybersecurity protection is a wakeup call for many unicorns to fresh business enterprises!
About eSpark Consulting Group
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