Cybersecurity: threats and trends | Insight Investment

Introduction

Cybercrime poses a constantly evolving threat to businesses and corporates. With technology becoming integral to daily operations, criminals are adopting more sophisticated techniques to exploit vulnerabilities. The projected cost of cybercrime is expected to reach $10.5 trillion by the end of 2025, up from $3 trillion in 2015.

What is cybercrime?

Cybercrime is defined by the International Organisation for Standardisation (ISO) as the commission of criminal acts in cyberspace. The UK government’s National Cyber Security Strategy categorizes cybercrime into:

• Cyber-dependent crimes: Crimes that can only be committed using computers or networks, such as hacking and ransomware.
• Cyber-enabled crimes: Traditional crimes facilitated by digital technologies, such as fraud through phishing and counterfeiting.

Evolving cybersecurity threats and defences

Cybersecurity professionals face an ever-evolving landscape of threats. Key points include:

• Phishing and credential buying: Phishing scams have become more sophisticated with the use of AI, making them harder to detect. Credential buying involves paying employees for their login details, bypassing traditional phishing defences.
• Interview fraud: The rise of virtual interviews has made it easier for fraudulent candidates to deceive employers, sometimes using deepfake technology.
• Ransomware evolutions: Ransomware attacks have become more complex, with criminals using professionally developed malware. Air-gapped backups are a potential method to mitigate these attacks.

Viral content and financial institutions

Viral content can magnify the impact of small glitches in financial institutions, leading to significant reputational and financial damage. Steps to mitigate these risks include creating a cyber response plan, updating social media policies, and investing in AI detection tools.

Future threats and detection

• Quantum computing: While quantum computing offers significant advancements, it also poses a threat to current encryption methods. Businesses should stay informed and adopt systems that can integrate with new cryptographic standards.
• Deepfakes: Deepfake technology is used to commit fraud and disseminate misinformation. Signs of deepfake content include distorted facial features and inappropriate emotional responses.

Conclusion

The rapid pace of change in cybercrime presents a challenge for businesses and governments. Education and awareness of new threats and trends are critical components of any cybersecurity strategy.