Security Market Segment LS
Friday, 11 December 2015 00:07

ThreatMetrix Cybercrime Predictions 2016: Year of the Digital Identity


Digital identity company ThreatMetrix has made 16 cybercrime predictions for 2016, with four main themes that all revolve around digital identities.

ThreatMetrix says the past year has seen record cybercrime numbers, with cyberattacks costing businesses about half a trillion dollars, according to Forbes

Unfortunately, high-level cyberattacks in several sectors – including healthcare, retail, government and financial, to name a few – have left nearly every American consumer affected, according to ZDNet.

Vanita Pandey, senior director of strategy at ThreatMetrix said: ”In 2016, it will be even more important to understand how to use shared intelligence to detect and prevent fraud.

”As cybercriminals move attention online and consumers have more digital touchpoints than ever before, all businesses need to have a strategy in place for authenticating users in real-time."

As attacks show no signs of slowing down in 2016, ThreatMetrix offers these core areas of focus for the coming year.

1. Every business is a digital business:

With the emergence of the Internet of Things (IoT), emerging methods of payments and mobile usage is expected to surpass 50 percent of all e-commerce and financial transactions, so the burden is on businesses to recognise customers across various touchpoints. These companies should seek out layered security solutions that orchestrate multiple vendors and evaluate risk to ultimately make better, safer business decisions.

2. Cybersecurity in the c-suite:

Businesses will put customer experience at the forefront of their cybersecurity buying process, with chief customer and digital officers having direct input in fraud prevention purchasing decisions. As these executives are more involved in day-to-day operations, we'll see at least one C-level dismissal in the Fortune 500 due to a cybersecurity incident in 2016.

3. Attacks will get bigger and more complex:

Cybersecurity will be a focus of the upcoming presidential election as organised crime rings continue to expand and terrorism shifts online. Retailers will continue to fall victim to attacks and suffer millions in losses and debts, leading to more lawsuits, similar to the one in which Target settled with several U.S. banks for $39 million following their 2013 hack.

4. 2016 will be the year of the digital identity:

We'll see more regulations, mandates and retail sector controls in the coming year, due to continued security failings in all areas. Global information sharing and collaboration will increase and businesses will put digital identity intelligence front and centre. Consumer-centric models of business are going to be the most successful in 2016, where businesses rely on dynamic sources of data for identity assessment and authentication.

More below, please read on!

Pandey added: ”While we always want to see a decrease in cyberattacks, history has shown they will likely continue to rise.

"To combat these attacks, we predict an increase in multi-device and digital identity security. Cybercriminals are getting smarter and more creative, so staying one step ahead is critical to avoid losing sensitive information."

The full list of ThreatMetrix’s 16 cybercrime predictions can be seen here at the company's blog

iTWire covered ThreatMetrix last month in November, where ThreatMetrix prevented 90 million cyber attacks across industries in Q3 2015.  

More on ThreatMetrix's history and incredible twin Australian connections in an iTWire article from February this year here. 

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Alex Zaharov-Reutt

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