ThreatMetrix Predicts 2014 Cybercrime Will See Evolving Threats – Including Internet of Things and Risks to Critical Infrastructure
Posted December 18, 2013
As Cybercrime Continues to Grow, ThreatMetrix Protects Businesses Across Industries from Evolving Threats
San Jose, Calif. – December 18, 2013 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime solutions, today announces several predictions for the top cybercrime threats businesses and consumers will face 2014. The biggest threats in 2014 include the risk of cybercriminals compromising the Internet of Things and our nation’s critical infrastructure. In addition, businesses across industries will have to brace for another year of sophisticated cybercrime attacks.
As more of our day-to-day operations and appliances are connected online – including water utilities, power utilities, smart watches and smart home systems – the risk of cybercrime will infiltrate more aspects of our everyday lives than ever before. As a result, not only has cybercrime grown, but the cybersecurity industry as a whole is on the rise, in an effort to stop criminals in their tracks. In the past year, venture capital funding has poured $1.4 billion into 239 cybersecurity deals.
“The Internet of Things is coming on faster than we can cope with – soon enough, we will be living in smart houses and all of our critical infrastructure will be managed online,” said Andreas Baumhof, chief technology officer, ThreatMetrix. “This extensive interconnectivity poses a severe risk for cybercriminals to have a detrimental impact on such critical utilities as our nation’s water supply in 2014 and beyond.”
Cybercrime Predictions for 2014
ThreatMetrix has predicted the top cybercrime trends of 2014, which businesses and consumers must be aware of as they increasingly connect online and via mobile devices.
• The Internet of Things will lead to all appliances and operations eventually connecting to the Internet. While still in early stages, as soon as next year, smart refrigerators, locks and thermostats will move into the mainstream. As with any online activity, the Internet of Things offers cybercriminals the opportunity to compromise this connectivity and steal personal information or cripple resources.
• Critical infrastructure risks have recently become so severe that President Obama signed an Executive Order on Improving Critical Infrastructure Cybersecurity. Water, power and other critical utilities are gradually moving online and this opens the door for cybercriminals – either individuals or nation-states to wage a new form of warfare. Critical infrastructure already faces cyber attacks every day – and this is sure to increase in 2014.
• Data privacy is and will continue to be a significant concern to individuals and businesses, especially given the recent revelation that the National Security Administration’s PRISM program spied on data from several top technology companies. Citizens that are connected online or via mobile are now concerned about the safety and privacy of their online activities, leading to a downfall of trust on the Internet.
• Alternative payments have increased in usage this year, especially with the massive growth of Bitcoins, Facebook credits, gift cards and more. In 2014 and beyond, more forms of alternative payments are sure to emerge and unregulated payments are at risk for malware and money laundering.
• Mobile transactions are gaining market share – they are expected to grow by 40 percent to $325 billion in 2014. Since mobile is an emerging marketplace, the good and bad actors are on a level playing field. Businesses are still figuring out the best ways to protect mobile devices and transactions leading into 2014, while cybercriminals are in the early stages of determining strategies to compromise mobile transactions.
• Online transactions will increasingly continue to be targeted. Such attacks have been ongoing for several years. In 2014, attacks will become more widespread, as sophisticated malware that was previously developed for attacking high security banking sites will now attack online businesses across industries – many of which are not nearly as prepared to prevent cybercrime as online banks.
“Current and emerging cybercrime threats will continue to compromise businesses and consumers on a global level in 2014,” said Baumhof. “To address and prevent these threats, continued innovation in the security market is crucial. Simple anti-virus solutions and addressing fraud and security separately is no longer effective given today’s sophisticated cybercriminals. Rather, businesses must collaborate through a global network for a collective response to cybercrime.”
To address the global concerns of cybercrime, businesses across industries – including financial services, e-commerce, payments, enterprises, social networks and more – must leverage a global data repository such as The ThreatMetrix™ Global Trust Intelligence Network (The Network) to differentiate between authentic and suspicious transactions and online activity. The Network is the most comprehensive global repository of fraud data and protects tens of millions of users every day from cybercrime threats with real-time analytics that evaluate logins, payments, new account registrations and remote access attempts for validity.
By collaborating on a global level through a shared network, businesses can effectively build trust on the Internet by mitigating cybercrime risks posed by such trends as the Internet of Things, critical infrastructure transitioning online, data privacy and more. Given the severity of account takeover, payment fraud, identity spoofing and other threats now and in the years to come, no business can afford to stand alone in the fight against cybercrime.
ThreatMetrix secures Web transactions against account takeover, payment fraud, identity spoofing, malware, and data breaches. The ThreatMetrix Global Trust Intelligence Network, which analyzes 500 million monthly transactions, provides context-based authentication and Web fraud prevention to help companies accelerate revenue, reduce costs and eliminate friction. ThreatMetrix protects more than 1,900 customers and 9,000 websites across a variety of industries, including banking, enterprise, e-commerce, payments, social networks, government, and insurance. For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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