Data security in 2017

Data security industry experts agree that 2017 will see a continuing rise in ransomware incidents.

Trend Micro’s latest report reveals that business e-mail compromise (BEC) and business process compromise will continue to grow in the future, with the justification being that it is a relatively simple and cost-effective form of extortion. A BEC attack is when a hacker tries to lure an innocent individual to transfer money into their account.

The report also says that directly hacking into a financial transaction system will be quite lucrative, although requiring more work.

According to Kaspersky Lab, 2017 will be the year of commodification of financial attacks such as the 2016 SWIFT heists. As the payment systems increase in popularity, so will the criminal interest.

Kaspersky Lab also anticipates we are going to see plenty of ransomware in the next year.

Trend Micro believes the Internet of Things (IoT) will play a larger role in 2017 as far as targeted attacks are concerned. As we saw in the case of Trojan Mirai, the vulnerabilities in IoT devices can be exploited to disrupt business processes or even cause physical damage.

PwC’s cybersecurity and privacy report states that organisations will be moving away from traditional passwords into more advanced forms of authentication. A lot of users do not follow good password practices and opt to create passwords that are easily guessed, which is one of the reasons why many businesses are starting to use advanced authentication technologies.

According to the report, 46% of organisations that use advanced authentication believe it has positively affected their online transactions, making them more secure.