Part 2 will discuss four more cybersecurity trends for 2020: IoT Devices Increasingly Targeted, Mobile Malware Attacks Rise, Phishing Attacks Outside E-mail, and Ransomware Focuses on Targets.
Utilization of connected IoT devices will rapidly grow with the deployment of 5G networks, which will make networks more vulnerable to multi-vector Gen V (5th generation) cyberattacks that are designed to infect IT infrastructure components. An emerging type of security technology revolving around nano-security agents will eventually be introduced to address this cybersecurity threat.
In comparison to 2018, January to June of 2019 suffered a 50% increase of attacks via mobile banking malware. Capable of stealing credentials, funds, and payment data from bank accounts, versions of this malware can be acquired from their developers by cybercriminals.
Although e-mail will remain the top attack vector for phishing, hackers will increasingly use alternatives to trick targets into providing login credentials, personal data, and fund transfers. There will be growth of SMS texting attacks on gaming platforms, messaging apps, mobile devices, and social media that will lure victims into clicking on malicious web links.
Experts observed that there has been a rising number of ransomware exploits that were specifically targeted against particular types of organizations, especially government agencies and healthcare facilities. Increasingly organized and more sophisticated, cybercriminals are diligently preparing their attacks by performing research on their intended victims. The knowledge is used to maximize the disruption of the target’s operation, allowing them to demand higher amounts for ransom.
Similar to the reaction of cyber insurance companies, law enforcement agencies are no longer strictly against the payment of ransom because the loss or theft of data and financial damage to a business from a ransomware attack could be very costly, harming consumers, employees, and stockholders.
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