Over the last two decades, more than 16 billion identity records were leaked through data breaches and hacks, with a worrying trend showing that nearly 50% of these incidents occurred in the last five years. The top 10 reported data breaches and hacks accounted for 34% or almost 6 billion records.
In 2021, LinkedIn experienced a significant breach where approximately 700 million users’ details were scraped using the official LinkedIn API, though, passwords were not compromised. In certain cases, data breaches have also led to the leakage of highly sensitive information. For example, the breach of India's Aadhaar biometric database, a vast system holding the personal details of all registered Indian citizens. A security oversight at a state-owned utility company facilitated the unauthorized access to names, national identity numbers, and bank details, affecting approximately 550 million records. Disturbingly, this sensitive information was later found being sold on WhatsApp for less than £6.
These incidents can have catastrophic effects, touching every aspect of our lives—social, professional, and financial. They can lead to severe consequences like identity theft, highlighting the need for a fundamental transformation in the way digital identities are managed and safeguarded.
Special Report: Innovations in Blockchain
This report delves into the groundbreaking innovations in blockchain that are reshaping the traditional and digital landscapes. From restaking to decentralized physical infrastructure networks (DePIN), the convergence of AI and blockchain, and advancements in decentralized identity and trust management, explore how these advancements are driving the future of the blockchain revolution.