France-based major hardware wallet provider Ledger has admitted it suffered a data breach on June 17 that appears to have allowed a “third party” access to at least 1 million of its users’ contact details. The firm took to Twitter to state that its marketing and e-commerce database was compromised through a third party’s API key that was misconfigured on their website, exposing its customers’ contact details and order information, although Ledger claimed that there was no spill of crypto holdings or client transaction information.
Cryptocurrency is an incredibly sensitive industry when it comes to data breaches. Although Ledger has reported that payment info, passwords, and cryptocurrency funds were not affected, it will affect customer trust knowing their personal data was left unprotected. It is crucial to ensure that all sensitive information – from email addresses to cryptocurrency funds – is secure and kept out of the hands of threat actors.
To ensure that a company database is secured, businesses should have Identity Access Management (IAM) governance in place. Businesses should follow the principle of least-privileged access when provisioning IAM permissions by providing checks to restrict identities from being able to access beyond their systems. This is possible by implementing automated security tools that continually protect systems and servers from IAM vulnerabilities, as well as misconfigurations, policy violations, and other threats to ensure total security and compliance.