The frequency and magnitude of cyber incidents are growing, and the development of more advanced AI tools will likely exacerbate the situation. Some attacks are so massive they’re hard to grasp in scale. When large corporations fall victim and lose critical data or funds, it makes international news and affects millions.

However, while media coverage often highlights these extreme cases, the reality is that individuals and small businesses are equally at risk. As our personal and professional lives become more intertwined with technology, attackers see an expanding number of entry points into our data, finances, and even identities.

The largest, most publicized cyber heists involve shocking numbers—millions of records and dollars stolen—but they also offer valuable insights into cybersecurity practices and organizational culture that apply to any individual or business.

Below are what I believe are the most crucial takeaways from some of history’s most damaging cyberattacks.

The Equifax Data Breach

In 2017, hackers exploited flaws in network software to access sensitive information belonging to millions of users across the U.S. and globally. This included social security numbers, birth dates, and addresses—data that can be used for identity theft and other crimes. In the U.S. alone, over 150 million people were affected. The company has already paid hundreds of millions in fines and settlements, with legal actions still pending.

What can we learn?

One major takeaway from this historic breach is the critical importance of timely software updates and patches. A failure to update a component of Apache Struts, the software exploited in the attack, was identified as a primary cause.

The WannaCry Ransomware Epidemic

WannaCry, a ransomware strain, infected an estimated 200,000 computers across 150 countries in 2017. Ransomware works by encrypting files and demanding payment in exchange for decryption keys, often threatening permanent deletion if the ransom isn’t paid. WannaCry spread rapidly because it targeted an outdated but commonly used version of Microsoft Windows.

What Can We Learn?

Many ransomware attacks begin with phishing attempts or other forms of social engineering that exploit human behavior—the weakest link in many security systems. Recognizing phishing efforts and fostering a strong cybersecurity culture within organizations is essential for defense against such threats.

The Bitfinex Crypto Exchange Hack

In 2016, hackers infiltrated Bitfinex, one of the leading cryptocurrency exchanges at the time, stealing 119,756 Bitcoins. At the time, the loss equated to $72 million, but today it would be worth nearly $1 billion. Authorities managed to recover part of the stolen amount after arresting and convicting two individuals involved in laundering the proceeds in 2023. The hack led to a 20 percent drop in Bitcoin's value, as the breach compromised wallets thought to be secure.

What Can We Learn?

This incident underscores the importance of where you store your cryptocurrency. Keeping digital assets offline in “cold” storage is widely considered the safest option. Holding coins on an exchange means you don’t fully control them, leaving them exposed to potential security lapses at the platform.

The $25 Million Deepfake CFO Scam

In a sophisticated AI-based scam in 2023, deepfake videos of executives and colleagues at a multinational firm’s Hong Kong office convinced an employee to transfer millions of dollars into fraudulent bank accounts. Deepfakes—AI-generated realistic replicas of real people—are becoming more common in fraud schemes, though this appears to be the most financially successful one so far. The employee later realized he was the only genuine participant in a video call where the fund transfer request was made; all others, including the CFO, were AI-generated fakes.

What Can We Learn?

As deepfake technology becomes harder to distinguish from reality, scams using it will rise. Organizations and individuals must implement verification processes for critical instructions and develop awareness about how these scams operate to protect themselves effectively.

The NotPetya Malware Attack

Initially mistaken for ransomware akin to WannaCry, NotPetya was actually a highly destructive malware designed not to extort money but to wipe data irreversibly. It caused approximately $10 billion in damages globally, shutting down ports, airports, and government operations. Many experts now believe NotPetya was a state-sponsored cyberattack originating from Russia, targeting Ukrainian infrastructure.

What Can We Learn?

Not every cyberattack is financially motivated. State-backed attacks are on the rise, increasingly aimed at both businesses and critical infrastructure. Their goal is often to create maximum disruption rather than gain profit.

The Road Ahead

While no one wants to be a victim of cybercrime, the odds are high. One recent study found that 87 percent of companies faced cyber threats in the previous year.

Insights from the events described above can form the foundation of a robust cybersecurity strategy. Key elements include maintaining updated software, securing data and digital assets properly, promoting a culture of vigilance, and employing verification mechanisms that assume nothing at face value.

Both individuals and institutions should draw lessons from these worst-case scenarios to strengthen their resilience against the constantly evolving cyber threat landscape.

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