Experian Data Breach, an eCommerce fraud prevention solution that offers incident notification and response services to mitigate and prepare for the risk of data breach attacks, released a new report: Data Breach Industry Forecast 2020.
The report provides predictions about the strategy and tactics fraudsters will use to commit data breach attacks in the coming year.
“As a new decade nears, with approximately 10,800 data breaches occurring in the last 9 years, the question remains: How do we stop data breaches?” the report said. “While a data breach is probably inevitable, we must not throw in the towel. Companies should prioritize data breach prevention as well as response, and now take it to the next level.”
The report discusses technological trends such as phishing attacks, the use of drones and Wifi to steal consumer data, and the creation of ‘deepfakes’ — a shorthand term used to describe the production of AI altered audio and video made with the intention to spread false information.
In addition, the report highlights the potential for data breaches within certain industries. Specifically, it mentions the potential for hackers to target industries that contain sensitive consumer data beyond traditional ‘economic’ targets.
“Many burgeoning companies, like cannabis retailers, may not fully invest in protective, cybersecurity measures as core parts of their business models due to competing priorities,” the report said. “While any retailer is always a target for cybercriminals, cannabis retailers present a bigger target due to the nature of their business.”
The report also discusses identity theft. This is a common element across all kinds of account takeover attacks. It predicts that consumers’ focus on increased convenience will cause security oversights, leading to a rise in the potential for successful attacks.
“We don’t see a return to paying with cash, but consumers, merchants and venues are going to need to be increasingly vigilant and remember that the next time they hear a vendor shout ‘Beer here!’ a cybercriminal may not be far away, and what they’re hearing is ‘Data here! Get your data here!'”