Breaches, Botnets Bring Hike in Cybercrime

Friday, November 13, 2015 @ 05:11 PM gHale

There were over 90 million attempted attacks across industries in the third quarter, representing a 20 percent increase over the previous quarter, a new report said.

This increase in attacks largely comes from the growing sophistication of cybercriminals and the amount of customer data available for interception, according to the report from ThreatMetrix.

Automating Cyber Attacks
Endpoint Security Remains a Concern
Connected ‘Things’ Continues to Grow
Attack Vector: Smart Coffee Makers

Attackers are using bots and botnets to run massive identity testing sessions in order to penetrate fraud defenses.

In the financial services industry, attacks increased 30 percent over the previous quarter, with more than 15 million fraud attempts. As online lending and alternative payments providers represent financial gain for attackers, this segment is continuing to experience a very high volume of attacks.

As mobile usage continues to rise, consumers remain more connected than ever before, creating new opportunities for bad guys, who are making the online lending space a target for their attacks.

Financial services transactions broken down consist of the following percentages and risks:
• 85 percent of transactions were account logins, with 2.5 percent high risk
• 13 percent of transactions were payments, with 3 percent high risk
• 2 percent of transactions were account creations, with 2 percent high risk.

Mobile usage has continued to increase at a high rate in recent months – more than 50 percent from this time last year. This trend will continue as devices become more widespread and businesses continue to transition into the digital world. Nearly a quarter of users are mobile only, which should increase as well.

The top digital nations are the big attack originators. Three of the top five attack originators are from Western Europe – Germany, France and the United Kingdom – which also continues to be one of the most targeted attack destinations. The United States is one of the biggest players in cyber fraud origination, as well as a key target for attackers worldwide.