Over the last year, the world has witnessed large-scale financial fraud. And while we spend a lot of time talking about identity protection, today’s blog is about how the cybercriminals actually go about stealing your data, how they go about conducting these massive espionage initiatives and other attack methods, like identity theft.
Before we get into methods, it’s important to understand the most popular types of crime campaigns out there. A recent report by Verizon Enterprise Solutions shows that at Number One, we have financially motived cybercrime, which in fact accounts for 75% of crimes. Interestingly enough, these attacks are more often than not opportunistic, and not targeted at a specific individual or company. At Number Two we have espionage breaches aimed at stealing valuable information such as company secrets, and other classified information.
Okay, so how do they do it?
Surely, if all this cybercrime is happening on such a massive global scale, the cybercriminals must be financial fraud geniuses! While that’s not entirely true, you’ll be pleased to hear that there are tools available today to combat cybercrime, but the biggest task is selecting the right tools and using them in the right way.
Hacking is the most common method when it comes to breaches. Hacking includes methods like malware (40%), exploiting weak networks (60%), or phishing (29%). Of those methods, phishing has seen the highest increase in recent years.
So how easy is it to combat these methods most preferred by cybercriminals?
Strengthening weak networks is perhaps the easiest fix; all that’s needed are policies to reduce the risk. Fortunately, it’s fairly obvious once you’ve been hacked, with 84% of cases noticing the initial compromise in hours. You’ll be pleased to hear that the majority of breaches are identified by fraud detection software, like BullGuard’s Premium Protection suite.
And finally for some cool statistics:
- 37% of breaches affected financial organizations
- 24% affect retailers and restaurants
- 38% of attacks, globally impact larger organizations, across 27 different countries
- ATMs are a more vulnerable asset than your laptop.
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