From 2016-2018, nearly half of Australian companies were hit by cybercrime (source). It's no wonder cybersecurity has already proven to be a hot topic in 2019. On the heels of a number of high profile data breaches in 2018 and the introduction of GDPR, cybersecurity is front of mind for many businesses. Here are 4 major trends for the year.
1) Phishing schemes will become even more sophisticated
Hackers aren't just after your credit card details anymore, they're focussed on infiltrating large value transactions. The property market is especially alluring as it involves constant high-value money transfers between several parties. They've become experts at hacking into email accounts and following transactions as they progress so they can strike when the iron is hot. They know when you're ready to transfer the deposit and they send a perfectly timed email from the hacked account with false bank details to redirect funds into their own accounts. There have been several recent high-profile property fraud cases in Australia involving these type of phishing schemes that have resulted in significant financial loss for buyers/sellers and reputational damage for service providers.
2) MFA will become standard in all online transactions
Password-only access will soon be a thing of the past. More and more businesses are implementing multi-factor authentication (MFA) to safeguard their data, particularly in light of the increased prevalence of phishing. MFA requires additional credentials on top of a username and password to add an extra level of verification before providing access to sensitive systems or data. It may require approval from your device or biometrics. This means if someone does manage to get their hands on your login details, there's an additional barrier to overcome before they can actually access your accounts. You can find out more about Microsoft MFA here.
3) Use of AI-generated fake video and audio will increase
We're used to hearing the fears about AI taking over jobs, but of greater concern is how it may be used by cybercriminals against us. There's a new trend toward using artificial intelligence to create fake audio and video messages that are extremely realistic. This type of media can be used to add even more credibility to phishing tactics and help hackers to impersonate trusted people.
4) People will remain the biggest threat to cybersecurity
The biggest threat to cybersecurity is you, your employees, your partners and your clients. It may only take one absentminded click or keying in the wrong email address and you could be facing a serious data breach. That's why education and awareness are key. All businesses should have cybersecurity training and procedure in place to ensure vigilance and best practice procedures. Your security is only as strong as the weakest link.
These are just a few of the hot topics in cybersecurity this year, but the speed of change is substantial in cyberspace. If you want to know more about how you can protect your business, you can check out one of our security-related webinars below.
- Protecting your firm with VOI
- How to secure conveyancing transactions
- Cybercrime in e-conveyancing
- How to manage risk in conveyancing transactions
- Real Estate Fraud Prevention