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Cyber Security Threats and Fraud Continue to Grow

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Cyber Security Threats and Fraud

Cyber Security Threats and Fraud

In any given week, there are typically multiple research reports and studies released by IT vendors that aim to provide interesting data points and insight into the latest trends.

The week of Feb. 5-9 there were at least six reports released, each with a different perspective on the changing face of both IT and cyber-security risks. Among the organizations that released reports were Javelin Strategy and Research, Bromium, Menlo Security, Infoblox, ThreatMetrix and PagerDuty.

In the aggregate, the reports show that threats continue to grow, alongside with the cost and complexity of detecting threats.

Identity Fraud

On Feb. 6 Javelin Strategy and Research released its 2018 Identity Fraud Study, reporting that there was a record high for identity fraud in the U.S. in 2017. According to the report, there were 16.7 million victims of  identity fraud in 2017, up by 1.3 million from 2016. All that identity fraud carries a large cost, amounting to approximately $16.8 billion for the year.

“2017 was a runaway year for fraudsters, and with the amount of valid information they have on consumers, their attacks are just getting more complex,” Al Pascual, senior vice president, research director and head of fraud and security at Javelin Strategy and Research stated. “Fraudsters are growing more sophisticated in response to industry’s efforts to implement better security.”

One of the positive areas for fraud though in 2017 was the success of EMV based credit cards. According to Javelin Strategy and Research, online fraud is now more likely than in-store point-of-sale fraud due to EMV card adoption.

Security firm ThreatMetrix also reported an increase in cybercrime activity as part of its Q4 2017 Cybercrime report, that was released on Feb. 8. ThreatMetrix reported that in the fourth quarter of 2017 there was a 113 percent increase in cyberattacks on a year-over-year basis. Among the sources of the increased cyberattack traffic were over 800 million bot attacks that ThreatMetrix recorded.

Menlo Security released its 2017 State of the Web report on Feb. 5 revealing what it saw as sources of attack from across the web landscape. One of the primary culprits are organizations that continue to use older, unsupported software, including Microsoft’s Internet Information Services (IIS) version 7.5. Menlo Security also found that the top category of known bad websites that are used to make attacks or deliver malware, are adult and pornography-related sites.

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Article Credit: eWeek

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