What are the biggest cyber security trends to look out for in 2018? We’ve put our top cyber security researcher on the case to identify top shifts in technology for 2018.
”When big changes happen it is often because regulation, user preference and technology – mobile banking is one example, Two-factor Authentications another. 2018 will see key development in all three dimensions. Ciptor have picked the trends that we think are both important and illuminating to stay on of ahead of 2018, says Md. Adnan Islam Majumder, Head of Ciptor Research.
Social engineering attacks are not only becoming more common against enterprises and SMBs, but they’re also increasingly sophisticated. With hackers devising ever-more clever methods for fooling employees and individuals into handing over valuable company data, enterprises must use due diligence in an effort to stay two steps ahead of cyber criminals. Social engineering attacks typically involve some form of psychological manipulation, fooling otherwise unsuspecting users or employees into handing over confidential or sensitive data. Commonly, social engineering involves email or other communication that invokes urgency, fear, or similar emotions in the victim, leading the victim to promptly reveal sensitive information, click a malicious link, or open a malicious file. Because social engineering involves a human element, preventing these attacks can be tricky for enterprises. Train users with effective cyber security program and deploy strong authentication solutions. We recommend monitoring and analytics to understand when social engineering is happening, like who is downloading what kind of data from where and to whom have he/she shared the information with. First understand what happens to the data in your enterprise, and then you will be given the answers to determine your security-related issues and protection requirements say Adnan Majumder.
In mid-2018, the EU will update the General Data Protection Regulation (GDPR) in several significant ways. Customers of any digital service – all of us – are becoming the owners of the data that we produce when using these services. The regulation strengthens how that data is protected for all of us in the EU, aiming to give control back to us private users. It also changes how companies ask for your permission to use your data. Terms & Conditions must be reinvented so that consumers know what data they give away and for what purpose. “This reinvention is key and we are going to see a lot of variations around Terms and Conditions in the beginning. We expect that the best solutions will be copied, so watch out. New Terms & Conditions are coming and you want to read it says Adnan Majumder. The jury is still out on how this could affect those in Asia. “Global companies like Google and Facebook might make their improved Terms and Conditions apply globally,” adds Adnan Majumder.
In 2018 a growing number of our devices become payment devices – car keys, vending machines, smart phones, connected cars, sports watches etc. Artificial Intelligence and IoT will generate intelligent and personalized context-aware customer services, enabling more tailored solutions to help customers and companies alike make sound financial decisions, manage risk and reduce costs. In 2018 several new device payment systems will be introduced globally. For the Asian Pacific region, we will see growth of IoT banking based services. In Europe, next year sees the introduction of the new Payment Service (PSD2) directive, which enables access to banks’ customer data for external actors such as fintech-startups. “This paves the way for ‘open banking’ and innovation as well as challenges within current business models and the telco payment ecosystem. Security will be key in preventing cyber criminals from hacking the payment-enabled devices,” says Adnan Majumder.