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PayPal and Global Cybersecurity Outlook Report of 2023

On Jan 18, 2023, the World Economic Forum published its insight report in collaboration with Accenture. On the same day, Forbes reported Paypal’s notice of security incident, in particular, threat actors using a credential stuffing attack had reportedly accessed 34,942 accounts between Dec 6 and 8, 2022. 

For information, according to Wikipedia, credential stuffing attack occurs when the attacker collects stolen account credentials, typically consisting of lists of ID login (i.e. usernames, email) and corresponding passwords (often from a data breach) and then uses the credentials to gain unauthorised access to user accounts on other systems through large-scale automated login requests directed against a web application. The official notification of the company affirmed that the threat actors attacked them on December 20, 2022. 

Furthermore, the Global Cybersecurity Outlook 2023 report found some interesting leading cyber issues and their impact. 

1. The threat actors likely focus more on business description, reputational damages; 
2. Many organisations have seriously taken cyber-risk management into consideration;
3. Personal data protection and cyber security issues created geopolitical fragmentation; 
4. Influence of quality of security across the supply chance on cybersecurity risk;
5. Priority of in-house solutions for cyber-risk management; 
6. Emergence of new technology increases the complexity of organisation’s digital environment; 
7. Data privacy laws, cybersecurity regulations can be an effective tool for decrease cyber risks, which also leads to structured interaction of between cyber and business leader; 
8. Cyber risk discussions may promote the fluid communication and effective cyber-risk management; 
9. The accountability for operational cyber requirements of the business leader may advance the organisations’ cyber capacities; 
10. Cyber professionals are still one of the most promising jobs, which should promote inclusive and diversity efforts.

Sources:

Paypal security incident: https://www.forbes.com/sites/daveywinder/2023/01/19/thousands-of-paypal-accounts-hacked-is-yours-one-of-them/?sh=4efb22553a6b

Paypal notice: https://www.documentcloud.org/documents/23578067-paypal-notice

Global Cybersecurity Outlook of 2023: https://www3.weforum.org/docs/WEF_Global_Security_Outlook_Report_2023.pdf