Best of 2022: The Rise of Cybercrime – An Overview

Best of 2022: The Rise of Cybercrime – An Overview

As we close out 2022, we at Security Boulevard wanted to highlight the year’s most popular articles. The following is the latest in our Best of 2022 series.

Cybercrime is more prevalent in the year 2022. The incidence of cybercrime is increasing every year and it is expected to reach its peak next year. It is said that cybercrime affects the security of more than 80% of businesses worldwide today. This is mainly due to the authorities’ limited ability to monitor cyber attacks because this type of crime is carried out using the virtual world.

According to cyber security statistics, more than half of cyberattacks occur through ransomware attacks. The statistics further stated that health databases are the most targeted because of their importance to businesses. Social media sites are also abused to spread malware and viruses or compromise sensitive information.

ransomware

Source: Parachute

This blog discusses significant cybercrime trends and developments such as ransomware, online privacy and security. So let’s get started.

1. Ransomware: Increase in the number of attacks

In recent years, ransomware has been a significant threat to businesses worldwide. Upon infection, this malware holds valuable files on a system hostage by encrypting them until a certain ransom is paid in the form of bitcoins, transfers or other form of digital currency.

There are currently three types of ransomware:

  • Crypto ransomware, which encrypts files on a system.
  • Locker ransomware locks the screen of a device until the money is paid.
  • Wiper ransomware deletes files from a hard drive.

Experts believe that ransomware will become the easiest form of cybercrime next year due to the growing trend of cryptocurrencies. It is expected to affect more than 8 million users or 10% of all Internet users by 2022.

2. Online privacy: Threats to anonymity

The Internet has provided different ways of communicating and expressing oneself. However, this freedom is abused by cybercriminals to violate the rights of individuals. Anonymity is one of their reasons for doing so, as it gives them an opportunity to remain undetected after carrying out illegal activities online.

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Online privacy will be threatened next year due to the following reasons:

I). Around 43% of all data breaches involve small and medium-sized businesses. The numbers are increasing day by day. In 2021 alone, there have been 1,862 data breaches reported worldwide. It surpassed both the 2020 record of 1,108 and the previous record of 1,506 set in 2017.

ii). The five most targeted platforms are popular social media sites, with Facebook coming in first with more than 1 billion record breaches.

iii). Cybercriminals rely on existing data breaches to target organizations because it is cost-effective for them to use stolen usernames and passwords in the login credentials process.

iv). Stolen information can also be sold online in the form of hacking marketplaces. Hackers can use social engineering to target individuals for cyber attacks because many users still use the same passwords on different platforms.

3. Security: Numerous threats through IoT devices

IoT refers to smart technology in appliances such as home appliances, watches and other devices that perform various functions that can be controlled using a smartphone. The recent report indicates that there were around 35.82 billion IoT devices installed worldwide and by 2025 it will reach 75.44 billion. It will accomplish a variety of tasks at home or in the workplace. The most important function of this technology is to connect different devices to allow them to work together.

IoT attacks

Source: Chuck Brooks

However, these IoT devices are also a significant threat to individuals’ privacy and security. Two types of IoT embedded devices can control other electronic functions in a home and wearable devices are worn on the body.

The following are some of the reasons why security will be threatened by these devices next year:

I). Lack of security protocols in most IoT devices- Most manufacturers who produce IoT devices do not attach security protocols to their devices due to a lack of knowledge about how it works. That means these devices are more vulnerable to hackers, which will cause many problems in maintaining online privacy next year.

ii). Lack of transparency- Companies are known to use various technologies without giving users an opportunity to opt out or know what information is being collected about them. It will lead to cases of data breaches, which could make individuals’ personal data vulnerable to cybercriminals next year.

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iii). Hackers are expected to continue to target IoT devices that use unsecured or outdated software systems. Hardware manufacturers need to consider building security protocols into their products before it’s too late. This will make it harder for hackers to break into IoT devices and maintain the security of a person’s data next year.

4. Online attacks: Increase in cybercriminal activities

Online attacks will continue to pose a threat next year due to the following reasons:

I). The use of advanced technology to carry out online attacks – Cybercriminals have used new methods to carry out illegal operations online, making it difficult for law enforcement agencies to track them down and learn about their activities.

ii). The use of IoT-connected devices to carry out online attacks will increase next year due to the limited security protocols associated with these devices.

iii). The use of artificial intelligence (AI) to carry out online attacks will increase next year. Hackers are expected to use this technology to disrupt organizations’ computer systems, take control of other users’ devices, and steal sensitive data from their servers.

5. Social Media Platforms: Continuation of Privacy Issues

The following are the top social media platforms and how they will be used next year to threaten individuals’ privacy:

I). Facebook This platform poses a threat to the online security of users because it collects information from third parties who support advertising campaigns on this website. The company then uses the collected data for targeted ads, leaving members vulnerable to online fraud and other cybercriminal activities.

ii). Instagram- This photo sharing app collects users’ personal information and sells this data to third parties. It poses a significant threat to individuals’ privacy because cybercriminals can easily use the information collected for malicious purposes next year.

iii). Twitter- Cybercriminals can use the instant messaging feature of this platform to target specific individuals due to the lack of privacy measures.

iv). Snapchat- Hacked third-party apps allow cybercriminals to collect images and videos of individuals without their consent. This makes it easy for them to target their messages to specific users next year on this platform.

v). Google’s Android App Store- Cybercriminals could use fake banking apps, game titles, crypto miners and malware on this store next year due to its lax security protocols.

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we). Google Chrome- This browser collects information from individuals’ browsing activities and sells them to third parties, making it easier for hackers to steal data from specific users.

vii). YouTube More cyber attacks will be launched against this platform next year due to the limited security protocols associated with its content. Hackers can use malware and phishing techniques from this website to gain access to individuals’ data which they then illegally sell for profit.

viii). What’s up- Cybercriminals can use this messaging app to trick users into opening malicious links due to the limited security measures it uses when processing messages received by users.

6. Cybercriminal markets: Continued development of dark web-based markets

The following are the top dark web markets and how they will be used next year to threaten individuals’ privacy:

I). dream market- This is one of the most popular marketplaces on the dark web, which allows cybercriminals to sell various illegal products and services.

ii). Tochka- Cybercriminals use this Russian-based marketplace to sell illegal products and services on the dark web.

iii). Hansa Market- Cybercriminals use this market to sell leaked information next year due to their lax security protocols.

iv). The Pirate Market- This is a well-known dark web market that allows cybercriminals to trade various illegal goods and services. Hackers can use this website to buy malware next year to launch targeted attacks against specific individuals.

Conclusion

As we have seen, cybercriminal markets and social media platforms will pose a significant threat to user privacy next year. These platforms should take advantage of the latest security measures to protect themselves from online fraud and other cybercriminal activities.

Related Articles:

Red Team Assessment versus Penetration Testing

Social Engineering – Manipulating your mind into falling into the trap

Secure Code Review – A new pace in cyber security

The post The Rise of Cybercrime – An Overview appeared first on WeSecureApp :: Simplifying Enterprise Security!.

*** This is a Security Bloggers Network syndicated blog from WeSecureApp :: Simplifying Enterprise Security! written by Geetha R. Read the original post at:

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