The impact of global cybercrime is shocking: 38.5% of firms have experienced a cyberattack in the past 12 months and 21% of cyberattacks result in costs exceeding €5M. Financial services is arguably the industry most targeted by hackers. As such, these numbers will likely skyrocket as the industry undergoes disruption.
Sci-fi often portrays artificial intelligence (AI) like this: a computer watches people for a while, blinks darkly and decides the solution to the world’s problems is to kill off the human race. Thankfully we are far away from that. But what AI is capable of today is simulating a specific human brain function – such as pattern recognition. And that’s very exciting for security.
AI makes security practical in the open world
The world is now open, causing disruption in many industries and changing the demands on security.
Picture Bob. He thinks he’s figured out how to avoid paying for cable TV by watching programs streamed from pirate websites. One day, he’s watching a live football broadcast and ten minutes into the game, he loses all access. His screen goes blank. Is ruining the user experience on pirated sites a new combat strategy?
Seeing it differently
Degrading user experience may not be the first thing that comes to mind when considering how to combat cybercrime.
What can the automotive industry learn from pay-media? They’re so different. For one personal safety is paramount and for the other it’s all about entertaining consumers. Worlds apart? Not at all when it comes to cybercrime. For cybercrime these differences don’t matter.
Just as the internet plays a pivotal role in the media industry, its growing in importance for automotive.
APIs are everywhere in modern day life. We rely on them to access services on mobiles, tablets and laptops. Without them our day-to-day life wouldn’t be the same. Yet they are also increasing the attack surface. Are they really a friend to e-commerce or to cybercrime?
APIs are not new. They’ve been around a long time. APIs are key to building scalable web-based applications as they allow and manage the interaction between 2 online connected services.
The EU Payment Service Directive (PSD2) aims to enhance consumer security, increase competition and create a single EU-wide market for payments. No doubt this market disruptive initiative opens the door for innovation. But will PSD2 inadvertently introduce more vulnerability for the cybercriminals to exploit?
Achieving its aims all hinges on the banks sharing their customer data with anyone that holds the required license. This third party access to accounts (XS2A) ensures that banks cannot block the move to a new payment services market.
There’s no doubt about it, cyber-attacks are increasing. A consequence of this is a rise in cybersecurity litigation. Interestingly, that litigation may not necessarily be directed against the cybercriminals. Instead, it is likely to be another threat that the breached company has to deal with.
Just as cyber-attacks are generating publicity, so too are the subsequent litigation activities. What makes them newsworthy seems to be the dollar amount.
The Internet has transformed how businesses operate today. Never before has so much been done online. The dark side to this connectivity is that the threat of cybercrime is increasing and becoming more professional. It’s no longer a case of if you will fall victim to a cyber-attack but when. Are you ready?
No business is immune
It’s not just Irdeto’s cyber-services team which is witnessing a growing concern about cyber-attack threats.
Let’s face it; if consumers don’t get what they want, they look elsewhere. Gone are the days of loyalty due to limited choice. For pay-media operators this can be like walking a tightrope: protecting their content investment without the security negatively impacting the consumer experience. What can be done to make this easier?
To find out, let’s check in again with Bob. Unsurprisingly, after being identified as the cause of the corporate disaster Bob is now unemployed. He spends most of his day catching up on the movies and TV series he missed.