Cybercrime is a growing field for criminals, organized crime syndicates, and corporate espionage agents. In fact, many of the world’s top business leaders, including IBM Corp’s Chairman and CEO Ginni Rometty, point to cybercrime as the greatest threat to today’s businesses.1 Recent cybercrime statistics support that statement. In 2019, the cost of cybercrime and data breaches to the global economy is projected to reach $2.1 trillion.2
When it comes to cybercriminals, their techniques and efforts continue to change and improve. As new digital technology gets developed and new cybersecurity measures are implemented, hackers stay ahead by adapting their methods and utilizing more advanced tools to carry out data breaches plus malware, spyware, and ransomware attacks.
Entry into the field of cybercrime is getting easier and cheaper. While tools are getting more sophisticated, prices on the dark web keep declining. A less physically dangerous and relatively low-risk line of criminal work, even criminals with rudimentary technical skills are jumping in and becoming cybercriminals.
While phishing has been here for a while, it continues to be one of the most successful attack methods. Phishing schemes are getting more sophisticated and advanced. With several new and simple-to-use phishing kits being sold on the dark web, the number of advanced phishing attacks is expected to rise by 2020.
A growing number of cybercriminals are targeting smartphones to carry out their attacks. With so many people using their phones to access the internet, hold their personal information, and manage financial accounts, it’s easy to see why. According to recent studies, the majority of mobile fraud is achieved through mobile apps.
As the home automation and Internet of Things (IoT) industry continues to grow and more IoT devices are popping up in homes, cybercriminals will start exploiting vulnerabilities. Collection of valuable user data, lack of user interfaces, and minimal security features make these devices an ideal target. A major jump in attacks using IoT devices is expected to happen this year.
The cybersecurity industry has already jumped on machine learning (ML) and artificial intelligence (AI) to improve security systems and better protect businesses and consumers. Cybercriminals are no different, with more of them utilizing AI in cyber attacks. AI systems are automated, anonymous, cheap, and scalable, making them the perfect tool for malicious purposes.
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