Quote: “Evolution is an ongoing process. In case of cyber criminals, it is happening at a very fast face. They are getting smarter with every security app. If things go at this rate, it might be possible that they might exploit a small portion of the Deep Web namely the Dark web and use it to communicate with other criminals.”
The business world is an interesting place. We have seen that with businesses resorting to the digital world has resulted in the emergence of cyber criminals. As businesses upgrade their security measures so does these cyber criminals upgrade their tactics of breaking in. Given this behaviour it has become important for entrepreneurs to look out for the potential trends of cyber-crime that might shake the foundation of their companies. Ignorance in this case definitely does not lead to bliss but chaos. As the year comes to a close let us look at some of the ‘cyber-crime world prophecies’ and decide on what has actually come to pass. For those trends that did not materialise, one can definitely watch out for them in the following year. For those trends that has set foot into the business world, well, the question remains: Have you beefed up your security enough to fight against them?
Expect to See an Improvement in Regulations
The world of cyber security is governed by a set of regulations that are very slow compared to the fast moving pace of the cyber world. These regulations has been found to rather hinder security than be an asset because of its slow pace. The beginning of this year expected that there would be an improvement in the regulations that apply to the cyber world. An improvement that would meet the need to fight a clever, agile and fiercely motivated criminals.
Looking at the shape of the regulations, this work still seems to be in progress.
Everyone in the business industry know about the basic data theft. Given this knowledge, companies know how to protect themselves very well. This is not a very good sign for hackers because of the obvious reason that they cannot break into companies as easily. Experts believe that cyber criminals would now resort to attacking data integrity itself to come out of their situation.
What would happen if data integrity is attacked?
Well, it will cause long term damage to the victim. This in turn would lead people to question the security of integrity of data.
Attacks on Consumer Devices
Ransomware is a nightmare that every company with a digital presence is aware of. A study revealed that it might be possible that consumers now will be targeted across connected objects.
Here’s how. It is possible that attackers might target a consumer’s smart TV via a ransomware attack. They may then demand a fee to unlock it. This is just one example of how it can be done. It is as threatening as simple as it sounds.
Hard to Beat Breaches
The demand to fight security measures has made cyber criminals even cleverer. It possible that they grow their malicious activities using ransomware in more ways than one.
The last year has already seen a ransomware variant that uses an innovative system to increase infections. What happens in this system is that the software turns the victims into attackers themselves by offering something like a pyramid-scheme style discount. Things like this might be on the rise very soon. Smart? Very!
Cyber Risk Insurance
Cyber risk insurance will become a major part of operational risk strategy. It is possible to see cyber insurance covering for the following:
- Loss of Reputation
- Loss of Trust
iii. Loss of future revenue from Negative Media
- Improvement Costs for Security
- Improvement costs for infrastructure
- Improvement costs for system upgrades
Expect Smarter Attackers
Evolution is an ongoing process. In case of cyber criminals, it is happening at a very fast face. They are getting smarter with every security app. If things go at this rate, it might be possible that they might exploit a small portion of the Deep Web namely the Dark web and use it to communicate with other criminals.
Internet of Things (IoT)
It is a possibility that AI-powered attacks can copy the behaviour of specific users. This can fool skilled security personnel. This in turn might lead to the creation of complex phishing campaigns that can easily take even the most threat conscious business man on a ride.
Rising Demand for Security Skills
With the rise in cyber-crime the business world will have a high demand for security skills. The digital business world will throng cyber security providers and experts like never before.
As deadly as sophisticated as it sounds, drone-jacking is the next big cyber-crime to watch out for. Drones are easy and quick to set up and often have unencrypted communication and open ports. This makes it perfect for hackers to break in. Drones have no security and companies, government or police drones can be easily hacked by criminals by using just a laptop.
Emergence of CCO
Last but not the least it is possible that companies would now keep a CCO. What is a CCO? Chief cyber-crime officer. With cyber criminals becoming smarter every business minute, it will be imperative to keep a CCO in a company who would take care only of the security.
It is important to monitor the security of a company on a minute to minute basis. Having a CCO would ensure that an organisation is cyber ready. He/she would help prevent breaches and would be responsible to take effective action if any breach occurs.
Some trends mentioned above have actually materialised remotely while some other trends still remain only a prophecy to watch out for in the near future. Fulfilled or not the threat to cyber security still remains. It is best to be on the look-out for more threats. This would help stop a security breach. Cyber security agencies are effective but the cyber-criminals are smarter. The best way to tackle them is to close all possible gaps that might allow a security breach before the cyber criminals can conceive of one.