You are hacked… Cybercrime is becoming new threat for businesses

Ahmed Lamloum
3 Min Read

Per Gartner, the world’s leading information technology research and advisory company, estimates that cybercrime is expected to cost the world $6tn by 2021, and corporations are spending more money each year on security products and applications, related to protecting customer data and proprietary information. In 2019, worldwide spending on information security products and services is forecasted to grow by 8.7% to $124bn.

Mega corporations such as Facebook, Under Armour and Marriott had millions of customer records stolen last year, which has caused significant harm to the companies’ reputation. Moreover, even small businesses were targeted by cybercriminals. In fact, they were the target of half of the attacks.

Attackers used evasive techniques to bypassing security measures and avoided detection in the past, but currently there is an entire underground economy consisting of products, applications, and dedicated services which have emerged to assist attackers.  it is even predicted that evasion techniques will become more agile due to artificial intelligence this year.

Enterprises have expansively relocated their data to the cloud using Infrastructure and platform-as-a-service cloud models such as Amazon Web Services and Azure in recent years, which is a factor that drives attacks on cloud platforms bound to increase.

Cryptocurrency mining has also increased both as a topic of interest and as an activity since cryptocurrency usage has grown exponentially in the last few years. Cybercriminals use the central processing unit power of victims’ phones and smartphones to mine cryptocurrency by infecting the device with malware.

Identity theft is currently even more sophisticated, employing multi-step fraud plans to grab information about new accounts. According to a 2017 survey, 1 out of 15 people reported being a victim of some sort of identity theft. Criminals are using Social Security numbers, home addresses, and knowledge-based authentication question answers to hopscotch from one kind of account to another.

Criminals are also matching up pieces of various identities to create an entirely new ‘person’ they can use to apply for credit cards and steal money. It is expected that identity theft will continue to rise in 2019.

Last year, there was a rise in ransomware attacks and cryptojacking, which imparts lower risks and better returns on investment. In 2019, it is forecasted that attackers will combine these tactics to create multifaceted, synergistic threats.

It is projected that there will be 75bn devices connected to the internet of things (IoT) by 2025, which is a substantial number of devices to secure, and presents new identify threat.

Therefore, in order to prevent the threats, the IoT security solutions are automating the detection process.

Crystal Market Research, the leading global market research, consulting firm, and business intelligence company, says that the IoT security market is projected to grow to over 30bn by 2022.

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