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What Can We Learn From the Latest Cyber Security Reports?

In insight / By Mark Flynn / 28 August 2018

It has been an interesting couple of weeks, it seems that everyone has decided to release their annual or quarterly reports on cybercrime at the same time.

First up is the FBI’s Internet Crime Complaint Centre (IC3) Cybercrime Report 2017, which rather interestingly revealed how in an industry focused on high tech, it was the simplest scam of conning someone into believing you were someone else in an email exchange which cost others the most money.

Indeed, coming in at £675 million it towers above its nearest competitor of corporate data breaches which only cost £61 million. That’s even more impressive when compared to the ubiquitous malware damage of just £7 million. These figures demonstrate the importance of basic security checks.

The 2018 Verizon DBIR, which is based on over 53,000 attacks and in excess of 2,000 breaches, highlighted some really interesting facts. For example, the worrying fact that 68% of all hacks go undiscovered for over a month.

Their systems identified that just 28% of all attacks were aided by insiders giving the hackers a helping hand. There was also confirmation of the shift from singular hacker to organised groups with 50% of breaches being carried out by organised criminal groups.

The Cisco Systems report included the most worrying trend in business culture when it comes to cybersecurity. That trend was that many companies are aware of a vulnerability before they have been hacked but are too complacent to do anything until they are actually hacked.

Such a laid-back attitude is puzzling especially when you consider that 53% of all attacks resulted in damages of $500,000.

The last of the reports is the Malwarebytes Q2 report which brings with it the most worrying news. But why is it so worrying? The cybercrime industry has gone strangely quiet and that is very worrying.

This quiet period is a continuation from the last quarter and the fact that cybersecurity has slowed down is a source of worry. As an industry it makes too much money to slow down so the question is, why?

There are two possible answer, neither of which are fun. Firstly, the prospect that 'something’s' coming - possibly someone found a flaw and they and others are preparing a large-scale attack. The second option is slightly more worrying, perhaps an exploit has already been found and it is being used right now to get around existing security without being found out.

So what do we take away from all these reports? To me, the standout message is the sheer number of attacks that take place every day. Each of these reports comes from a single organisation talking about what they have seen in the market, but each is dealing in thousands of individual attacks on a routine basis, and that’s only set to rise with the creation of self-propagating malware and criminals using AI tools.

For more information on anything in this article, please contact me.

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Mark Flynn

Mark Flynn

Mark Flynn is Head of Sales for Nasstar. Mark has wealth of knowledge & experience within the IT industry & plays an instrumental part in defining our long-term sales & go to market strategies.

London, England
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