By 2024, the cost of data breeches will reach an estimated $5 trillion. A huge reason for the hefty price tag is a 70% rise in cybercrime. Cybercrime is among the world’s fastest growing criminal offenses, and it shows no signs of slowing down.
Today’s cybercrimes can present themselves in various forms — from malware and phishing to denial-of-service (DoS) attacks. Here in NJ, ransomware attacks have crippled the state’s largest hospital system, an Essex County public school district and even a respected regional theater company.
Over the next 20 years, experts say cybercrime will evolve into one of greatest challenges faced by humanity, using increasingly sophisticated means to put your livelihood and your business at risk.
Here’s a glimpse at what the future of cybercrime may entail:
Email threats will be more advanced. Remember the Yahoo data breach of 2013 that affected over one billion email accounts? Email is no stranger to phishing techniques. But as hackers develop more crafty ways to steal information, it’s critical that you educate your front-line employees on what to watch out for.
Social engineering crimes will skyrocket. Carefully planned attacks via social media channels will continue to target users with “friendly” tactics, like posing as a friend, relative or fellow employee. These types of phishing schemes aim to gain access to passwords and other sensitive information that can bring your business to its knees.
Cryptocurrencies will become more commonplace. Cybercriminals will have more inventive means to mine your digital currency. And once the information tied to a digital coin is hijacked, the information can easily be released and multiplied in the marketplace.
Too much connectivity will create a playground for hackers. We’re not far off from a world where every product will be embedded with a computer or a sensor, wirelessly monitoring and controlling everything you own — from lights and appliances to routers. In the future, businesses will only have more of these types of equipment and devices synched, opening the door to advanced attacks and threats.
Putting cybercrime safeguards in place
As more businesses expand the use of AI-enabled and cloud-based technology solutions, the risk of becoming victimized grows. It’s up to your business to implement smarter cybersecurity procedures to prevent these occurrences or stop them in their tracks, including:
- Developing in-depth knowledge of your risk factors, so you know exactly what you need to protect.
- Carrying out periodic risk assessments, as risk management is a key factor in keeping key business insights protected.
- Requiring employees to use two-factor identifications to access company accounts.
- Investing in regular audits performed by cybersecurity consultants who are experts at data protection.
Take a step back and rethink your strategy beyond the solutions of today, and prepare your business for what the future may bring.