Emerging Trends in Cyber Crime 2020

Cybercrime is the fastest growing crime across the US. And the global cost could exceed $6 trillion by 2021.

These costs comprise damage to data, loss of money, and loss of personally identifiable information.

With the recent implementation of the GDPR, there has never been more to lose when it comes to cyber crime. The GDPR, and other consumer data laws, improve consumer protection in the online world. This includes protection of personal information. Severe penalties exist for organisations that do not follow these laws.

Cyber criminals use a variety of attacks to trick their victims. These can range from classic phishing emails, to social engineering. Governments and enterprises are at serious risk from attacks.

As the maturation of the global digital ecosystem occurs, so does the maturation of cyber crime. These crimes now use highly sophisticated methods to attack organisations.

Some of the biggest threats we will see in the next 12 months include:

Data Integrity Attacks:

Data manipulation could be one of the most dangerous forms of cyber crime. Tampering with data, including official medical records, can result in tangible problems – including death. And, depending on the motivations of attackers – which might not always be financial – an organisation may not be informed of the manipulation.

Insider Threats:

The insider threat remains one of the biggest security risks. Employees with access to trusted accounts are a security issue. According to research from the Ponemon institute, the current average cost of insider threats sits at $11.45 million.

Threats to Smart Cities

Threats to smart cities include typical IoT threats. alongside threats to critical infrastructure.

Phishing Scams via Texts and Social Networks:

Most employees and individuals are aware of phishing emails. But, malicious links have begun to appear across texts and social networks. While the environment has changed, the threat remains the same. These threats include dodgy links, fake news, and fake websites. These can exist in a text or direct message.

There is an increasing focus within enterprises on data privacy, sovereignty and compliance. As new legislation like the GDPR rolls out, organisations must increase data protections.

Cogito Group is an award-winning cybersecurity company specialising in authentication, cloud security, identity management and data protection. Cogito Group protect the authentication methods used to access information through the use of Identity and other security technologies.