The threat of a successful attack is further compounded by government organizations and businesses facing limited talent resources and budgets to proactively prevent attacks, forcing them to do less with more.
In the next of our 2023 trends series, Cybersixgill predicts that as the e-payments space grows and attack surfaces expand, we will see new opportunities for threat actors to target users and companies.
2023 Trend #3: New attack surfaces arise in the ePay space.
- As the digital economy grows, digital crime grows with it. Soaring numbers of online and mobile interactions are creating millions of attack opportunities. Many lead to data breaches that threaten both people and businesses. At the current growth rate, damage from cyberattacks will amount to about $10.5 trillion annually by 2025.
- Electronic payment methods changed significantly in 2022 – with increased momentum expected to occur in 2023. Online payments surged parallel to the growth in online shopping during the COVID-19 pandemic. According to the Electronic Payments Coalition, nearly $2 billion in mobile payments were processed daily in 2021, up 22% from the year before, according to the Global System for Mobile Associations State of the Industry Report on Mobile Money 2021. At the same time, the annual survey by the Association of Financial Professionals found payment scams hit almost 75% of businesses. Thirty percent of companies in the 2021 AFP Payments Fraud and Control Survey Report said payment fraud was on the rise, and the majority blamed adjustments brought on by the pandemic.
- The COVID-19 pandemic ushered in an unprecedented era of online shopping, digital payments, and cybercrime. Biometric advances, new international standards, and cyber-security tools are all shaping the new world of fraud protection in payments. There is significant economic motivation on the dark web to go after ePay for those motivated by financial pressure and criminal behaviors, as opposed to politics.
Nothing is ever stagnant in the cybersecurity space, and not surprisingly, cybercrime Is increasingly lucrative, even more than drug trafficking.
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