What is the Current State of Global Cybercrime?

Cybercrime is a global threat as predicted by Ginni Rometty, IBM’s chairman, president and CEO, in 2015:- “We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true—even inevitable—then cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.”

 

 

These worlds are certainly ringing true and recently, RSA published the 2018 Current State of Cybercrime.  Below are some areas of concern:-

 

  • MASS DATA BREACHES WILL CONTRIBUTE TO A SPIKE IN ACCOUNT TAKEOVER – Mass data breaches and phishing attacks expose billions of usernames and passwords and cybercriminals are making money by selling stolen personal data.

 

  • CYBERCRIME OPERATIONS WILL EXPAND TO NEW PLATFORMS AND INFRASTRUCTURE – Two newly favored options are social media platforms and websites hosted on the blockchain – there has been a 70% growth in the volume of visible fraud activity on social media.  

 

  • INTERNET OF THINGS DEVICES (IOT) – a new target for cybercriminals who are taking them over with ransomware. As highlighted in the whitepaper “It’s only a fridge,” one might think; but in fact, it’s a device that can become part of a botnet and used to launch a DDoS attack”

 

  • OMNICHANNEL EXPANSION, OPEN APIs AND FASTER PAYMENTS WILL PRESENT NEW VULNERABILITIES TO EXPLOIT FOR FRAUD – MOBILE FRAUD – growing quicker than web fraud. More than 60% of fraud originates from mobile devices.

 

  • ISSUERS AND MERCHANTS WILL PREPARE TO ADOPT 3D SECURE 2.0 – E-commerce fraud results in $660,000 in losses per hour. Global e-commerce sales are predicted to pass $3.5 trillion, no doubt this will attract cybercriminals.  

 

 

Cryptocurrency exchanges are also targets for hackers as seen recently at CoinCheck in Japan. Coincheck announced on Friday, Jan. 26, that it is suspending all withdrawals after a Ripple payment worth $123mln left its wallet as well as a transaction of 500 million NEM (XEM) worth around $600 million at the time.  Coincheck promised to pay their clients back. Binance was also compromised which let them set a bounty of $250,000 for information leading to the arrest of the hackers.

 

Related article:-

IoT, Cybersecurity is a Public Safety Concern

Spectre and Meltdown are going straight for your Private Keys – How safe is your hardware wallet?

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