Cybercrime in 2015 and a (not good) forecast for the coming years

By February 23, 2016 No Comments

Unsurprisingly, the cybercrime It continues to grow in range and surprising proportions.

Some research claims that in the last 12 months the cybercrime had its apex. Never before have we witnessed the magnitude or sophistication of online crimes as noted in 2015.

In 2015 we announced on the website of SAFEWAY a survey of Ponemon Institute Cost of Data Breach Study stating that the average total cost of a data breach increased from US $ 3.52 million in 2014 to US $ 3.79 million.

Another study states that the cybercrime it will become a problem that will cost U$ 2.1 trillion by 2019. This is only three years away and, judging by the way things are going, we may arrive sooner than we ever imagined in these values.

Earlier last year we had access to an IBM Security study that predicted some trends in the cybercrime for 2015. They included:

  •  Cybercrime breaking boundaries;
  •  Increased card transaction fraud in online purchases;
  •  Increase and sophistication of “Mobile Threats” or “Malicious Apps”;
  • Extensive use of anonymity networks and stronger encryption;
  • Appearance of fraud methods for new payment systems;
  • Biometrics starting to become a target.

These predictions not only materialized but actually surpassed the prediction.

In 2016 there is a high expectation that things will become more intense as more organized crime groups increase their presence in the digital world.

And for 2016. What are the forecasts?

Following the analysis of these surveys, we highlight a prediction of cybercrime more specifically related to financial motivations for the coming year: Organized cybercrime will focus specifically on

Companies and their business areas.

Last year, a Fortune 500 survey found that cyber security is the second biggest problem for managers who continue to look for new solutions to keep their data safe and their customers happy.

These are companies that are worth a lot, so it is not surprising that the issue of cyber security is growing in importance. This is directly related to the business as more customers expect companies to show proof of compliance and demonstrate that they have a strategic plan for cyber risk.

Mitigating potential risks and meeting cybersecurity standards is a strategic decision that more and more companies are making.

However, before taking this step, CIOs and CISOs should evaluate the usefulness of this strategy and find the best way to implement it.

Cyber Risk Management

In order to understand the extent of the cyber risks that are exposed, companies must conduct a proper assessment of their core systems. Only after you have a correct understanding of the real state of the impact of cyber risks and that you can make the right decisions regarding risk and vulnerability management.

It is important to keep in mind that when we talk about organized cybercrime, we are not fighting against lone attackers or small factions of fraudsters, but on the contrary, we now face full-blown organizations that are extremely organized.

These organizations today employ highly experienced developers with deep knowledge that enable them to bring constant innovation in malware and attack tactics. Thus, it is no surprise that, according to CSO online, the average age of a cybercriminal is 35 years old. In addition, 80 percent of blackhat hackers are affiliated with organized crime, working as part of closed groups.

Based on research that exposed the form of attack by Carbanak, Dyre or the Shifu Trojan, it appears that cybercriminals have never been so bold in their attacks. They are stealing millions of dollars in a single moment compared to the five digits of previous years.

This is just an example. Mitigating potential risks and meeting cybersecurity standards is a strategic decision that more and more companies are making and will need to make.

However, before taking this step, CIOs and CISOs should carefully evaluate the strategy used and find the best way to implement it.

Learn about SAFEWAY's Cybersecurity Health Check solution by downloading the presentation at this link:

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