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Data Breach Industry Forecast points to weakness, ways to fight breaches

Credit union professionals are aware hackers are continuing to become more sophisticated with the tools at their disposal to gain control of personal devices and business operating systems. With Experian’s release of its seventh annual Data Breach Industry Forecast, it becomes clear that it is important to be equipped with resources and know-how to prevent or respond to attacks.

The 2020 report includes new ways common technology is being used for criminal intent as well as what fresh targets – such as the cannabis industry – will be the most enticing for attacks.

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, the more than one million drone devices operating in the U.S. today may be armed 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 isn’t.
  4. Burgeoning industries, such as cannabis retailers and cryptocurrency entities will be targeted for cyberattacks as a result of online activism or “hacktivism.” 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.

The full report is available here.

LEVERAGE offers cybersecurity solutions to help product your credit union. Click here for details.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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