Top 5 Data Breach Trends for 2020

Text-based “SMiShing,” drones and deepfake technology are among the biggest emerging cyberthreats. At the top of concerns are hackers leverage texts to go after consumer financial account details.

Costa Mesa, Calif.-based Experian in its seventh annual “Data Breach Industry Forecast,” predicted the top five threats businesses and consumers should be aware of in order to keep their information safe. The 2020 report includes new ways fraudsters exploit common technology for criminal intent as well as what fresh targets – such as the cannabis industry – will be the most enticing for attacks.

“Hackers are continuing to become more sophisticated with the tools at their disposal to gain control of personal devices and business operating systems,” Michael Bruemmer, vice president at Experian Data Breach Resolution, said. “There has never been a more important time for organizations to be equipped with the knowledge and resources needed to try to prevent and respond to a data breach.”

Experian’s five data breach predictions for 2020 include:

1. Cybercriminals will leverage text-based “smishing” identity theft techniques to target consumers participating in online communities. As more Americans continue to join like-minded groups on social media to provide financial support to social causes or political candidates, cybercriminals can solicit unsuspecting consumers with fraudulent messages via SMS text to seek bank account details or other sensitive information.
2. Hackers will take to the skies to steal consumer data from devices connected to unsecure networks. As cities install more free public Wi-Fi systems, hackers could arm the more than one million drone devices operating in the U.S. with affordable mobile hacking devices to steal sensitive data from consumers and businesses on the streets below.
3. Cybercriminals will use deepfake technology to disrupt the operations of large commercial enterprises and create geo-political confusion. Artificial intelligence technology can manipulate C-suite executives and government leaders’ appearance and voice to blur the lines of what is real and what is not.
4. Cyberattacks, as a result of online activism or “hacktivism,” will target burgeoning industries, such as cannabis retailers and cryptocurrency. As a form of protest, hackers may seek to gain access to controversial companies’ sensitive data due to their prevalence in society and increased cash flow.
5. Cybercriminals will execute a major hack of the mobile point-of-sale platforms used to process transactions. The proliferation of mobile payment options would allow cybercriminals to access payment data over unsecured networks and target large venues such as concerts or major sporting events.

“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/? While a data breach is probably inevitable, we must not throw in the towel,” the Experian industry forecast maintained. “Companies should prioritize data breach prevention as well as response, and now take it to the next level. It is not acceptable any more to simply focus on security and hope for the best.”

Experian recommended additional steps organizations can take ahead of time such as investing in employee training to shore up the company’s defenses, keeping up on the latest threats, securing agreements with outside partners such as legal and other experts to be at-the-ready if a breach occurs, and following new legislation such as the General Data Protection Regulation.

“All of these steps creates a better security poster and smoother and swifter response if a data breach happens, which will go a long way to repair brand reputation,” according the Experian “Data Breach Industry Forecast.”