Prediction: Increase in APT-style financial crimes.
Cyphort predicts that we will see more APT-style financial crimes like the Carbanak campaign, that moves money out of customer accounts from inside the bank system, and the malware-powered "pump and dump" attack on Wall Street. The first provides hard evidence that issuing EMV payment cards and insisting on upgrading cash registers to use the embedded smart chip instead of the "backward compatible stripe" are all necessary steps for reducing breaches and fraud, while still not being totally sufficient. The second was also just the "tip of the iceberg" for well-organized crimes, using low-and-slow cyber attacks combined with physical-world campaigns.
Tip: Financial institutions and consumers must both do their part to better protect against new financial threats. Institutions must take concrete steps to detect and stop threats at all points of attack on the financial transaction chain – from POS machines to online purchase handling to bank transaction processing. Steps include getting all merchants to upgrade their POS and stop using the magnetic stripes on the EMV card; implementing continuous monitoring, diagnostics, and mitigation on all their transaction processing systems; and watching for fraudulent activities beyond those from stolen card credentials. Consumers must be vigilant about where and when to use their cards versus using cash and whether certain sites are safe.
As another year comes to an end, security experts are looking back at the trends and most notable breaches in 2015. From Anthem to the Office of Personnel Management to top security vendors falling victim to infiltration, 2015 was a banner year for malware, data breaches and advanced persistent threats (APTs).
Using what they've learned from the past year, cyber security experts are looking at what's ahead for 2016. With the ever-changing threat landscape and cyber criminals always working to stay one step ahead, it's important for organizations and consumers to take proper security measures. In this slideshow, experts from AppRiver, Cyphort and CounterTack look at what trends we can expect to see in the year ahead, as well as tips on how to prepare.