Zero-Days Are a Distraction: 2025’s Biggest Losses Were Stolen Tokens + OAuth
Zero-days get the headlines. Stolen tokens + OAuth consent abuse get the invoices. 🧾🔑😈 2025 pain = AiTM/device-code phishing + token replay + KEV-speed edge fires.
This is part 1 of 2 in 2 part series-
Be on the lookout for the deep-dive on thursday... Enjoy!

2025 Retrospective: Where Security Research Missed The Macro Picture
TL;DR
- Forecasts overweighted “big bang” outages; real costs came from identity/SaaS abuse and edge-device vulns disrupting logistics and services.
- Actor conflation drove blunt sanctions/takedowns; recidivism and telemetry gaps raised recovery costs.
- AI scaled social engineering and OAuth abuse; not autonomous “cyber catastrophes.”
- Edge and IAM controls outperformed zero‑day chasing for macro risk reduction.
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Predictions vs. Outcomes (2024–early 2025 vs. 2025 actuals)
| Forecast (2024/early-2025) | Outcome (2025) | Quantified Impact | Sector/Country |
|---|---|---|---|
| Grid/“hyperscaler zero-day” catastrophe dominates macro risk | Identity-first and OAuth abuse, device-code phishing, token theft drove incidents; edge vulns rapidly weaponized | Port/terminal gate slowdowns: 0.5–1.5 days avg; supplier ERP/TMS outages: 1–3 days; demurrage +3–7% MoM spikes during peaks (representative case vignettes below) | Logistics, manufacturing (US/EU/ME) [1][3][5] |
| One-off botnet/domain takedowns meaningfully suppress e‑crime | Rapid re-proliferation to bulletproof/decentralized infra; visibility gaps increase dwell | Dwell extension by days to weeks where telemetry lost; higher IR/litigation costs | Cross-sector (US/EU) [1] |
| GenAI yields step-change in autonomous intrusions | Incremental but material: scaled phishing/quishing, Teams/Chat lures, OAuth consent abuse | Phishing remained a top initial vector; multiple campaigns at scale; conversion uplift noted qualitatively | Cross-sector (global) [1][2][3][4][6] |
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