The latest on cybersecurity: Mobile fraud and privacy concerns

September 10, 2019

Read about the latest insights and trends on cybersecurity from prominent experts

 

Even a seemingly harmless face-altering mobile app can create headaches for cybersecurity firms. While companies and consumers continue to manage their personal data, cybercriminals look for new ways to steal that information.

Here are some insights on the latest cybersecurity news, and steps to take in the long-standing fight against cybercrime.

 

Privacy concerns hound popular smartphone app

In July 2019, the face-altering mobile application FaceApp gained renewed attention following use by prominent celebrities. However, some shady language in the app’s terms drew fire from consumer privacy advocates. Alarice Rajagopal, editor of Cyber Security Hub, explains how the app’s origins have caused alarm for privacy concerns:

“While the average consumer may not realize the implications for giving up facial recognition data to an organization based in a country that launched a hacking campaign during the 2016 election, cyber security professionals have been warning of the use of artificial intelligence technology like this for some time.”

 

The cybercrime industry expands in 2018

Even as organizations ramp up efforts to combat cybercrime, the industry experienced massive growth in 2018. According to a report by the Internet Society’s Online Trust Alliance (OTA), cybercrime generated $45 billion in 2018, an increase of several billions from the prior year. Scott Ikeda, technology futurist and writer for CPO Magazine, notes that the amount of damage offset a reduction in incidents.

“The report highlights both positive and negative impacts in 2018. Many of the most common types of attacks – ransomware, data breaches, and DDoS – were actually down in terms of overall count in 2018. But the financial damage done by many attack types was up significantly. Ransomware losses rose by 60% in spite of the downturn in overall incidents, business email compromise losses rose by a staggering 200%, and there were three times as many cryptojacking incidents.”

 

State and local governments feel the pain

With fewer resources and smaller teams than large corporations or federal agencies, state and local governments are increasingly subject to cybercrime attacks. This story from Pymnts.com shows how two small Florida towns dealt with crippling ransomware threats.

“A city spokesperson confirmed earlier this month that the government had voted unanimously to pay the ransom on top of the costs of attempting to fix and replace the computers that were compromised in the cyberattack. Just days later, it happened again: another Florida city, Lake City, confirmed to reporters that it had been compromised by a ransomware attack and agreed to pay the ransom to regain control.”

 

Phishing moves to mobile

While desktop users grow adept at rejecting phishing scams, mobile users still fall victim at higher rates. A recent report from Verizon notes that there are more completed phishing attempts on mobile devices than on desktops or work stations.

“Research shows mobile users are more susceptible to phishing, probably because of their user interfaces and other factors. This is also the case for email-based spear phishing and social media attacks."

 

Read more on the topics of cybersecurity and how to protect your organization from fraud.

Related content

Higher education strategies for e-payment migration, fighting fraud

Risk management strategies for foreign exchange hedging

5 steps you should take after a major data breach

Cayman Islands’ Private Funds Law: What you need to know

Complying with changes in fund regulations

Cybersecurity – Protecting client data through industry best practices

Automate accounts payable to optimize revenue and payments

Why KYC — for organizations

The cyber insurance question: Additional protection beyond prevention

Redefining beneficial ownership in the Cayman Islands

Evaluating interest rate risk creating risk management strategy

What is CSDR, and how will you be affected?

Post-pandemic fraud prevention lessons for local governments

Cryptocurrency custody 6 frequently asked questions

BEC: Recognize a scam

Fight the battle against payments fraud

The latest on cybersecurity: Vulnerability testing and third-party software

The password: Enhancing security and usability

Tactical Treasury: Fraud prevention is a never-ending task

Increase working capital with Commercial Card Optimization

3 timeless tips to reduce corporate payments fraud

The surprising truth about corporate cards

White Castle optimizes payment transactions

Solutions banks can offer during the COVID-19 pandemic

Avoiding the pitfalls of warehouse lending

4 tips for protecting your business against Coronavirus-related scams

5 Ways to protect your government agency from payment fraud

Proactive ways to fight vendor fraud

The latest on cybersecurity: Mobile fraud and privacy concerns

How to improve your business network security

Government agency credit card programs and PCI compliance

Cybercrisis management: Are you ready to respond?

Business risk management for owners of small companies

Protecting your business from fraud

Webinar: A closer look at U.S. Bank AP Optimizer

The future of financial leadership: More strategy, fewer spreadsheets

How to improve digital payments security for your health system

Enhancing liquidity management: 4 benefits of visibility

Webinar: Fraud prevention and mitigation for government agencies

Webinar: CRE Digital Transformation – Balancing Digitization with cybersecurity risk

Webinar: Recording of the Central Securities Depository Regulation and Pivot

Webinar: CRE technology trends

Webinar: AP automation—solve payment challenges with an invoice-to-pay solution

Webinar: Robotic process automation

Webinar: Economic, political and policy insights

Webinar: CRE treasury leader roundtable

Authenticating cardholder data reduce eCommerce fraud

Webinar: Building digital bridges for treasury optimization

Start of disclosure content
XX-011 Equal Housing Lender
XX-014 Loan programs: credit + home
WI-031 Bank + USBI disclaimer