2020 Might Be The Year Of The Cybercriminal: What Does It Mean For Cannabis And Crypto Industries?

By Experian’s Michael Bruemmer.

With more than 3,800 reported data breaches (that’s about 4 billion records compromised) in the first half of 2019, businesses of all sizes are certainly on guard for new and different potential threats that could hit in 2020, if they aren’t prepared. Unsurprisingly, cybersecurity has quickly risen through the ranks as a top corporate governance issue for many organizations, especially financial institutions that handle millions of pieces of highly sensitive customer data every day. While the need for cybersecurity isn’t in question, what to expect from cybercriminals in 2020 is. The Experian 2020 Data Breach Industry Forecast outlines the top cybersecurity threats to expect in the New Year and what businesses can do protect customers from them.

Prepare For The Unexpected

In 2020, you can expect to see cybercriminals attempt data breaches in some unexpected ways. This year, hackers will leverage new technologies – and a bit of the old – to get a hold of customer information. For example, cybercriminals will utilize traditional phishing techniques via SMS texts in a new method coined “smishing.” Smishing will enable cybercriminals to contact your customers directly through SMS texts and request sensitive bank account or other personal information that could result in old-school identity theft in a whole new way. If a text comes through from an unknown number, advise your clients to steer clear of completing any request via text.

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While that text may have you looking down at your phone, you can also expect to see cybercriminals in other unlikely places, like the sky. The use of drones with a traditional hand-held hacking device, called a Pineapple, will enable cybercriminals to take to the skies to steal customer data via public Wi-Fi networks. It’s best to advise customers to not log onto public Wi-Fi networks to access their bank account or other financial accounts.

Deepfake Disruption In The Markets

Deepfake technology has historically been used as a means for spreading misinformation by manipulating the words or faces of influential leaders in videos or audio recordings. With the latest advancements in AI, deepfakes are now poised to cause deep-rooted disruption in financial markets targeting company leaders through market manipulation or other methods of attack, like face or voice swaps that could lead to faulty wire transfers in the millions, which were successful in 2019.

Burgeoning Industries Beware: Crypto And Cannabis

Cannabis and crypto entities are on the rise, but their influx of cash-flow could put them at risk for money-hungry cybercriminals in 2020. While companies within these industries are relatively young, they may not have had the opportunity to fully invest in full-fledged cybersecurity initiatives that legacy companies have instated – leaving them vulnerable to traditional cybersecurity attacks that can halt the growth of their business before it’s even hit its stride. It’s especially important for companies that are new to the market to invest in protective measures against these attacks, like anti-malware software and cybersecurity training for all employees.

Take Your Convenience With Caution

Mobile payments have opened a new avenue for financial institutions’ customers to make transactions but have also opened the door as another way for cybercriminals to steal sensitive customer data. As it turns out, mobile payments are dangerously convenient. While NFC mobile payment apps carry strong security protocols, platforms that allow consumers to swipe their card through a mobile device are often less so and can open the door for cybercriminals to tamper with transactions or commit identity theft.

In the past 10 years, financial institutions, from banks to independent advisors, have been tasked with achieving a new level of client service: data security and safety. With new technologies and new industries to come in the ‘20s, it’s more important than ever for organizations to be equipped with the know-how and tools they need to ensure their company and customers are safe from a potential data breach – so think ahead, prepare and always expect the unexpected.

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Michael Bruemmer is Vice President of the Experian Data Breach Resolution group and Consumer Protection at Experian, a group focused on helping businesses prepare for a data breach and mitigate consumer risk following breach incidents. With more than 25 years in the industry, Michael brings a wealth of knowledge related to data breach preparedness and breach management from discovery to post-incident clean up. He has handled some of the nation’s largest breaches over his tenure with Experian and more than 25,000 to date. He currently resides on the Ponemon Responsible Information Management (RIM) Board and NetDiligence Advisory Board. He holds a Bachelor of Arts in Labor Economics from the University of Wisconsin-Madison.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.