Cyber threats are a genuine danger for businesses, no matter their size or industry. Companies that face data breaches are likely to fail within months after the attack, according to the National Cyber Security Alliance. Security issues can ruin your reputation and cause expensive damage to your company.
In 2019, we are already predicting increased cyber crimes to steal more data and resources. The FBI reported that over $1.4 billion in losses were experienced by companies and individuals in 2017. These expenses come from increasing security, losing information, losing physical resources, ransomware payouts, scams and more. The most significant sources of cybercrime included:
- Email compromise
- Confidence fraud
- Non-payment or non-delivery scams
- Corporate data breach
- Investment scams
- Identity theft
- Advance fee scams
- Personal data breach
- Real estate/rental fraud
- Credit card fraud
Looking forward into 2019, we are preparing to face some of the biggest and hardest attacks yet. Hackers are working to build faster and smarter tools that get around the security systems and regulations that organizations and companies have in place. Companies have to be prepared for cybercrimes that could wreak havoc on their customers or business. Most industries have strict compliance and regulations to keep data safe and can face fines or even jail time if they are not diligent in their cybersecurity efforts. Here are the five major cybersecurity trends we expect to see in 2019:
The password alone is becoming increasingly easy for hacker entry. Fingerprints, ear scans and even social security numbers are all increased measures of security to help battle cybercrime. Using multi-factor passwords is going to be a crucial part of security for 2019 for both personal data and organizational strategies. A large amount of data breach occurs due to human error or negligence so multi-factor passwords can help decrease some of those occurrences.
Data Privacy and GDPR
The EU pushed businesses everywhere when they required the adaptation of the General Data Protection Regulation (GDPR). Many companies and organizations that didn’t have dealings in the EU started making changes to prepare for the level of modifications expected so they wouldn’t be scrambling to catch up later. The regulations that went into effect this past May are still going to have a significant impact on 2019.
The Rise of Cryptojacking
Last year, ransomware cost over $1billion in damage, but we see a shift towards crypto jacking as the more popular attack. Ransomware takes a lot of research, social engineering and development. In many cases, the payments have gotten smaller because companies, educational institutions and organizations are refusing to pay the ransom at all. Cryptojacking is stealing cryptocurrencies by leveraging the computers of an unsuspected user without their knowledge or permission.
We are seeing a heightened increase in artificial intelligence (AI) and machine learning (ML) that cybercriminals are using to focus their attacks. Hackers are using these systems to train and fine-tune their own programs with malicious intent while maintaining a strategic distance.
The Internet of Things (IoT) is a grouping of intelligently connected systems that might include vehicles, devices, appliances, electronics, software, connectivity and actuators. These primarily are unregulated and we expect 2019 to be the year when the security issues here may finally be addressed. This may require certifications or a governmental agency to step in and formulate laws. With increased connectivity, the threat of IoT security breaches are genuine public safety concerns and shouldn’t be taken so lightly. Companies that produce these connective devices and software should already be carefully considering these concerns and how to best keep the users protected.
We know tech threats are a genuine issue for your business. Outsourcing tech support or tech help is one way to ensure you have all of your bases covered. If you need help implementing security, contact us today. We offer the strategies, technology and expertise to keep you protected!
LI Tech Advisors is a Long Island, New York-based Managed IT service company. When you partner with LI Tech Advisors as your next IT services company, you’ll have a partner who has over 30 years of experience working with organizations across Long Island.