The increased use of internet has created a market for internet of things (IoT) and connected devices. While the data speed has increased, the cyber attacks are also on the rise. The report by Grant Thornton,an accounting and consulting firm, predicts that there will be a significant increase in cybercrime and attacks targeting smartphones in 2020. The mobile focused malware and banking trojans will drive these attacks.
The report titled ‘Cyber Trends in 2019 and Predictions for 2020’ states, “Threat actors are expected to deploy advanced Artificial Intelligence (AI)-led attacks to boost the speed and impact of their campaigns. IoT will throw new challenges to data security.”
The most common cybersecurity incident is cyber bullying, which has increased by more than six times from 2019. Akshay Garkel, Partner at Grant Thornton said, “Cyber attacks are on the rise and will continue to rise. It’s not a matter of if but a matter of when. A framework-driven approach with continuous monitoring will help companies mature their cybersecurity posture and address incidents pro-actively.”
According to the report, 95% of cybersecurity breaches rise due to human error. 34% of reported cyber-crime breaches occurred due to internal actors in 2019. Human-centric errors will be a major concern for smartphone users. People centric solutions powered by the technology will be required to fight these attacks.
A ransomware attack was carried out every 14 seconds on companies in 2019. The hackers are targeting banking apps, softwares, and platforms. 71% of all ransomware attacks reported in 2019 were financially motivated. The number of smartphone users will touch 673 million in 2020. These users have to be extremely cautious to battle cyber-crime.