Recent cyber-crime trends show that criminals have been creative in exploiting emerging vulnerabilities and opportunities. To set up effective and resilient defence, banks need to build an integrated leadership driven cybersecurity hinged on technology, intelligence and collaboration.
December 01, 2020 | Neeti AggarwalPandemic induced global economic downturn and unprecedented disruption in operations impacted most businesses adversely in 2020 but not the cybercriminals. If some thought that a global pandemic would wane cyberattacks, they were certainly proved wrong. Cyber-crime incidents not only increased significantly but criminals also advanced the sophistication of their techniques to exploit the emerging new vulnerabilities and gaps in the systems.
Key emerging trends in cyber-crime
Organised and well-funded criminals: The threat landscape has evolved rapidly over last few years and is now dominated by perpetrators that are sophisticated, well-funded, organised and in many cases even state sponsored. Tensions between nations and geopolitical situation can also have a bearing on cyberattacks. The cost of attacks has reduced and cybercrime is also offered in the industry as a service now. Leading attacks include malware, ransomware, and distributed denial of services (DDOS).
Increasing risk from interconnected systems: There is a rapid shift to digital systems, contactless payments, interconnected systems with open banking ecosystems and growing number of smart devices. The pandemic has further accelerated digitisation and shift towards open ecosystems. All these offer potential new entry points to fraudsters and expand the threat perimeter for institutions. 5G technology is likely to result in higher data volumes from more connected devices, a challenge that institutions need to prepare for.
Pandemic creates new opportunities for cyber-attacks: Innovative criminals rapidly adapt to the changing industry trends and security measures to target the most vulnerable. As institutions have had to resort to remote work arrangements and operate from virtual offices during the pandemic, these create new avenues for attacks by criminals and new COVID-19 related attack themes appeared. In May 2020, the...
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Recent cyber-crime trends show that criminals have been creative in exploiting emerging vulnerabilities and opportunities. To set up effective and resilient defence, banks need to build an integrated leadership driven cybersecurity hinged on technology, intelligence and collaboration.
December 01, 2020 | Neeti AggarwalPandemic induced global economic downturn and unprecedented disruption in operations impacted most businesses adversely in 2020 but not the cybercriminals. If some thought that a global pandemic would wane cyberattacks, they were certainly proved wrong. Cyber-crime incidents not only increased significantly but criminals also advanced the sophistication of their techniques to exploit the emerging new vulnerabilities and gaps in the systems.
Key emerging trends in cyber-crime
Organised and well-funded criminals: The threat landscape has evolved rapidly over last few years and is now dominated by perpetrators that are sophisticated, well-funded, organised and in many cases even state sponsored. Tensions between nations and geopolitical situation can also have a bearing on cyberattacks. The cost of attacks has reduced and cybercrime is also offered in the industry as a service now. Leading attacks include malware, ransomware, and distributed denial of services (DDOS).
Increasing risk from interconnected systems: There is a rapid shift to digital systems, contactless payments, interconnected systems with open banking ecosystems and growing number of smart devices. The pandemic has further accelerated digitisation and shift towards open ecosystems. All these offer potential new entry points to fraudsters and expand the threat perimeter for institutions. 5G technology is likely to result in higher data volumes from more connected devices, a challenge that institutions need to prepare for.
Pandemic creates new opportunities for cyber-attacks: Innovative criminals rapidly adapt to the changing industry trends and security measures to target the most vulnerable. As institutions have had to resort to remote work arrangements and operate from virtual offices during the pandemic, these create new avenues for attacks by criminals and new COVID-19 related attack themes appeared. In May 2020, the...
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