5 Cyber Security Trends Set to Impact the Payment Industry in 2018

As cyber threats continue to dominate the payment industry, organizations are constantly in search to protect their data from breaches and other malicious activities. In the year 2017 – A stark rise in cyber-attacks was observed, a proof of impending dangers a clear indicator of what lies in store for 2018.
A recent study predicted that approximately 2 Billion records containing personal and other sensitive data have been compromised between January 1, 2017 and March 20, 2018. This proves that the cyber-security landscape in 2018 will be the result of what happened in 2017 through ransomware attacks such as WannaCry and NotPetya.

Some of the most likely cybersecurity trends that 2018 may witness –

Ransomware Attacks to Inflate

Ransomware attacks are likely to become more sophisticated in 2018 targeting the high net worth organizations. According to a report, cyber threats are increasing by 350% every year with an attack on businesses predicted every 14 seconds by 2019.

Augmenting AI-Powered Cyber Attacks

Fraudsters are likely to increase their use of Artificial Intelligence (AI), combining it with existing fraud tactics to enhance their scope of the attack. By leveraging AI, hackers can easily scan for vulnerabilities, decode passwords by narrowing down the number of probable passwords and thereby, boosting the speed of attacks.

Growing Standards for Multi-Factor Authentication

Majority of data breaches occur as fraudsters leverage weak, stolen or default passwords. This is largely due to the fact that most of the organizations still employ single-factor authentication. Businesses fail to implement multi-factor authentication, as they feel it would negatively impact consumer experience.

Reign of Internet of Things (IoT)

IoT devices can be used for large-scale Distributed Denial of Service (DDoS) attacks that can hamper online presence of an organization. With so many connected devices, it becomes easier for fraudsters to steal your personal credentials. Various IoT products are manufactured with poor security standards thus becoming soft targets for deploying malicious software.

Increased Use of SSL/TLS

Cyber-attacks hiding in SSL encryption still prevail. The trend among fraudsters to circumvent traditional security controls and hide attacks in SSL encryption is expected to continue in 2018. Organizations need to implement security controls to detect and mitigate attacks in the encrypted traffic.
While malware and other attacks continue to grow, organizations need to refocus on protecting consumer personal information. In 2018, the frequency of sophisticated and targeted cyber-attacks will force organizations to beef up their cyber defense. Given the increasing pace and complexity of threats, organizations are advised to adopt approaches to cybersecurity that help them protect critical information without constraining innovation and growth. It is high time that businesses adopt effective fraud detection and prevention solutions and become vigilant in dealing with any security challenge that might cross their way in 2018.

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