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Top 3 Trends in Cybercrime You Need to Know

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Top 3 Trends In Cybercrime You Need To Know

There was a time when the rate of new technology and the sophistication of cyberattacks went hand in hand. Now, both are accelerating at a rapid pace, and cyber-attacks are outpacing our methods of protecting ourselves. This is largely due to the many layers we’ve added to our technology, allowing for remote work during the pandemic, cloud collaboration between global teams, and complicated IT systems that help improve the customer experience.

Protecting your evolving business and technology from new and emerging cyber threats starts with staying on top of the latest trends. Keep reading to learn the top three trends in cybercrime you should know right now.

1. Attacks Are Moving to the Cloud

At the start of the COVID-19 pandemic, many businesses were forced to make changes to how they operated. As a result, untold numbers of office workers began working remotely instead, either part-time or full-time. Now, two years after the pandemic began, nearly 60 percent of employees in the U.S. with jobs that they say can be done from home are continuing to work from home the majority of the time or all the time.

With the move towards remote work comes an increasing dependence on the cloud. In turn, this means that cybercriminals are honing their tactics for targeting and breaching cloud workspaces. While most businesses report that cloud-based services are key to infrastructure growth, breaches of those cloud accounts cost organizations more than $6.2 million in 2021 alone.

2. Cybercriminals Are Seeking Ransomware Payments

The average cost of a cyberattack on a small business today is more than $25,000.

To help protect themselves from the financial fallout of a cyberattack, many businesses are turning to cyber insurance. But with this trend has come another: cybercriminals are now targeting those businesses set to receive an insurance payout. While an insurance plan may cover the cost of a ransomware settlement, this isn’t the purpose of this investment. And studies suggest that businesses that have made ransomware payments in the past may be targeted again in the future.

While protecting your business with cyber insurance can be a good backup policy, it’s more important not to pay ransomware settlements by protecting yourself from future attacks.

3. Human Error Is Putting Businesses at Risk

The prevalence of phishing attacks — and the effectiveness of these spam messages — is increasing each year. Between quarter 1 and quarter 3 of 2021 alone, the number of businesses experiencing a phishing attack increased by 75 percent

While large-scale cyber-attacks remain a threat to businesses, an even greater threat is lurking within. Human error, including falling for phishing attacks, is increasingly putting brands at risk. Putting a stop to phishing attacks may still be in the distant future. But today, businesses can take measures to educate their staff on the latest phishing scams and equip them with the tools and knowledge they need to learn how to spot new ones.

As new technology emerges, so too do new cyberthreats targeting customer and staff data, business records and more. From improving your security infrastructure to protect yourself from future ransomware payments to educating your staff to avoid the dangers of human error, these are just a few of the top trends in cyber threats you should know today.

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