The threat has never been greater – attacks are reaching unprecedented levels of complexity and criminals are ever more innovative in their fraud strategies. Cybercriminals have powerful resources at their disposal to continuously improve the sophistication and stealth of their attacks.
In order to stay ahead and protect their assets in an increasingly dangerous landscape, organizations must educate themselves on the latest trends and put in place strong and layered defenses to repel even the most sophisticated attacks. The 2018 Fraud Beat evaluates the most recent and advanced cyberfraud threats and outlines what organizations must do to protect themselves.
Key findings from the 2018 Fraud Beat include:
- Phishing remains the most common form of attack, with 90% of cybersecurity executives reporting that their company was the target of a cyber attack between 2017 and 2018.
- Ransomware has skyrocketed 229% since 2017 and is projected to cause more than USD$11.5 billion in losses
- Banking Trojans are evolving at an incredible speed and gaining dangerous new features that allow them to circulate freely while evading detection: one Trojan is even able to lock victim’s computers, mimicking ransomware attacks.
- Social media continues to be incredibly pervasive – with more than 3 billion people around the world accessing these networks every day, attackers have a plethora of potential victims to target through brand impersonation and social engineering.
- Data breaches are nothing new, but that doesn’t mean they aren’t wreaking havoc on the fraud landscape. In the past two years alone, there have been more than 1,300 publicly reported breaches, amounting to almost 3 billion records exposed.
- Artificial Intelligence (AI), an incredibly powerful tool for fighting fraud also poses a sophisticated threat to future security. As cybercriminals begin to adapt AI for their own nefarious goals, they could increase the efficiency of their attacks by up to 3,000%.
- Election hacking, in which attackers, many of whom are thought to have ties to nation states, use cyber strategies to interfere with elections. These attackers use various tactics, such as spearphishing and traditional network hacking, to interrupt democratic processes.
There is no silver bullet that allows organizations to protect against these attacks – instead, a multi-layered, flexible security framework is necessary to guard against the greatest number of threats. To learn more about these fraud trends and for tips on protecting against them, click here to access the full Fraud Beat 2018 report.