The rise of ransomware
Ransomware is not a new phenomenon however its prevalence seems to be growing. Already in 2022, there has been at least one international ransomware cyberattack carried out as an act of espionage. This is something that is only expected to grow throughout the year as governments learn to leverage ransomware in blackmail negotiations.
Additionally, it is expected that paying ransom will not necessarily stop data publication. That is to say that even after paying the demanded ransom, it is expected that some or all of the data might still be published and that, unlike before, the ransom no longer acts as a guarantee.
More quiet attacks
Rather than the large-scale, high-profile attacks, it is expected that there will be more “quiet attacks” meaning that hackers will try to infiltrate companies and access data for an extended period of time without being noticed. This is sometimes more lucrative in the long-term as it allows cybercriminals to extract data over an extended period of time.
Experts recommend that the entry point for these attacks will most likely be email or messaging systems which will ultimately compromise a company’s communication system. Cybercriminals will gain access to the network and then continue to do damage from inside the network without being noticed.
Mobile app fraud
Experts recommend a huge surge in mobile app fraud in 2022 suggesting that defrauding an app is one of the easiest actions for cybercriminals. Because of the low barriers to enter an app, they are one of the simplest entry points for hackers, giving them access to personal information and online bank accounts at a record speed.
Due to apps being widely available and frequently used, experts expect to see many more of these types of fraud attacks over the year. People should be vigilant when using apps making sure to have a strong, unique password and use their apps with caution.
AI related attacks
As AI technology advances, this means that AI and machine learning systems are also being used more and more often to conduct attacks. AI, such as speech recognition, online shopping, and autonomous vehicles, can help companies harness their technology; however, the downside of this is that it also makes them vulnerable to attacks.
There are many ways that AI is predicted to be involved in cyberattacks during 2022 be it account takeovers (for example, using bots to mimic user login behaviour) or subverting physical assets (such as automated vehicles and drones).
During the events of the last two years and the multiple lockdowns, there was an exponential increase in cross-border e-commerce transactions. Subsequently, this led to impossibly high levels of fraud. It was reported that over 60% of UK and US businesses had issues with cross-border fraud.
As travel starts to reopen, fraudsters and hackers are taking advantage of this offering fake travel packages, websites and accounts. Additionally, it is expected that hackers may break into dormant travel accounts to drain any remaining value. Travel companies, especially, will need to secure their platforms.
More companies using KYC
KYC (Know Your Customer) is a way of validating a customer’s identity to protect them against fraud and reduce identity theft and is a key part of compliance. There are several steps involved which can help to establish customer identity in a more complex way to avoid hackers or bots mimicking login information.
To protect against more complex hacks, KYC technology is also becoming more advanced using additional features, such as behavioural biometric, account activity, and other factors, to further protect customers. Businesses have more details about their customers in order to better understand their intentions and motivations and keep up with cybercriminals. This makes them better equipped to spot attempted fraud.
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