Relying on outdated fraud prevention and identification measures will no longer cut it, and businesses that don’t adapt will lag. As people continue to work, collaborate and socialize via their mobile devices, businesses must equip themselves with technology and tools that will prioritize fraud prevention. If not, companies risk losing their customers to those who have invested in more robust solutions.
Sift released its Q4 2020 Digital Trust & Safety Index: Holiday Fraud and the Shifting State of E-commerce, which revealed that fraudsters are executing larger and more targeted attacks this holiday season. Derived from Sift’s global network of over 34,000 sites and apps, the Index found the average attempted fraudulent purchase value rose to over $700 from October through November 2020, a 70% year-over-year increase during the same period in 2019.
COVID-19 has accelerated a variety of global trends. Some of these are perhaps ultimately good, for example moves towards more investment in AI and automation, or a growing focus on taking this opportunity to making lasting changes to benefit the environment. Many others are, however, quite concerning. Continued threats to the global order, the likelihood of states testing the resolve of the new U.S. administration, and increasingly polarized populations are all factors that will dominate 2021.
As we have done in previous years, the Security magazine team compiled our favorite articles from this year. As we head into 2021, we hope you take a moment to review some of 2020’s top articles about lessons learned, thought leadership, security challenges and good practices.
The rise of high-profile data breaches and the implementation of data privacy laws have raised awareness that businesses and institutions rely on consumer information. While there is no single, comprehensive U.S. federal data privacy law, there are enough industry-specific compliance regulations in force in addition to HIPAA, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act, the Children's Online Privacy Protection Act, and a growing number of state privacy laws, that every organization needs to step up and recognize how subject rights requests fit into its data protection and cybersecurity policies.
As companies think about how to navigate this new landscape of privacy laws and cybersecurity threats, here are a few major trends and predictions to consider:
Meet Issak Davidovich, Vice President of Research and Development at C2A Security. According to Davidovich, the implementation of driver assistance technologies and cybersecurity goes hand-in-hand, and the auto industry is taking its first steps on creating in-vehicle security standards. Here, we talk to him about what this means for automotive cybersecurity.
Risk management firm Crisis24, a GardaWorld company, released its annual Global Forecast report and Risk Maps that provide expert insight and analysis of various threats for 2021 for businesses and organizations seeking to protect their people and operations, no matter their location or circumstances.
In response to ongoing cybersecurity events, the National Security Agency (NSA) released a Cybersecurity Advisory “Detecting Abuse of Authentication Mechanisms.” The advisory provides guidance to National Security System (NSS), Department of Defense (DoD), and Defense Industrial Base (DIB) network administrators to detect and mitigate against malicious cyber actors who are manipulating trust in federated authentication environments to access protected data in the cloud.
The talent war is real, the strength in numbers favors our opponent, we now have the original digital transformations we were planning pre-COVID, and now we have additional transformations that we have to take on to enable a distributed workforce that was previously never a consideration. There simply are not enough properly equipped resources to meet global demand, and even then, an organization is only as strong as its weakest analyst. The adversary knows that and, leverages the vulnerabilities in human behavior to advance their position in the “infinite game” of cyber warfare.
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