According to a data breach report by Risk Based Security, cybercriminals exposed the personal information of over 4 billion internet users in the first half of 2019 alone.

And incidents of data theft are showing no signs of slowing down.

The wide use of digital media is making cyberattacks easier each day. Advancements in technology are also helping hackers perform massive data breaches, identity theft and other similar cybercrimes.

As the world becomes increasingly digitized, cybersecurity can no longer be ignored by any business, big or small. Cybercriminals take advantage of firms and individuals who pay less attention to security.

And the most efficient way to stay ahead of the game is to remain informed on the current trends.

These are the key trends that will shape the cybersecurity landscape in 2020.

Deepfakes

Deepfake is a fake video recording in which people’s faces are swapped. Often the videos use an alternative audio track to make it seem like someone is saying something that they never said. Reddit users coined the term in 2017.

These videos are often used for comedic purposes, such as in a scene from The Shining where Jack Nicholson’s face was replaced with Jim Carrey’s. YouTube is full of similar examples of this technology.

As fun as it may be to watch Jim Carrey portray Jack Torrance, or Sylvester Stallone take on the role of Kevin McAllister from Home Alone, it is easy to see the potential of deepfakes for illicit use.

Algorithms are getting better at processing data each day, and this AI-based technology keeps making steady progress. Experts even consider that it could create significant problems in the upcoming US elections.

Cloud Vulnerability

According to the Oracle and KPMG Cloud Threat Report for 2020, cloud vulnerability is one of the most significant challenges for organizations.

Although cloud storage certainly opens up new possibilities in storing data, it also creates new problems for businesses that keep sensitive information related to their operations, employees and clients.

Logic Monitor’s study about the future of cloud storage entitled Cloud Vision 2020 predicts that by the end of the year, 83% of enterprise workload will be on the cloud.

Organizations that store their information on such servers make tempting targets for hackers. DDoS attacks, malicious insider threats, account hijacking, insecure APIs and interfaces, misconfiguration and data breaches are all on the list of cloud security threats that will keep haunting businesses that fail to invest in proper cloud security defense mechanisms.

Operation Cloud Hopper is an excellent example of the fact that even the biggest cloud storage providers in the world are not immune to deep intrusions.

Phishing

Social engineering attacks like phishing are one of the oldest tricks in the book when it comes to hacking. These attacks exploit human gullibility, which is often the weakest point of a company’s defenses.

Phishing emails and phone calls trick employees into surrendering sensitive information such as login credentials. Although most businesses are improving their security, and automatically blocking suspicious emails, cybercriminals keep coming up with new ideas.

Sophisticated phishing kits are among the latest additions to the hackers’ arsenal, aiding in financial fraud and data breaches.

Social engineering attacks are very effective because of their low investment and high potential reward. This is why they will continue to be utilized heavily by cybercriminals in 2020.

In fact, Verizon’s Data Breach Investigations Report for 2019 puts phishing at the number one spot for causes of data breaches worldwide.

AI Cyberattacks

Machine learning and AI have had an enormous effect on almost every industry in the world. AI is quickly finding its way to the business mainstream thanks to its ability to create a strong impact on supply chain management, security, manufacturing, marketing services and many other fields.

However, just like any other promising new technology, AI is proving to be an excellent asset for criminal enterprises as well.

The same capabilities that AI has for stopping cyberattacks can be used by cybercriminals to launch sophisticated attacks using adaptive malicious software.

Let’s take AI fuzzing as an example. This practice integrates traditional fuzzing techniques with AI and creates a tool that is proficient in detecting system vulnerabilities. It can be great for cybersecurity, but it can also work as a weapon for hackers.

Smart Contracts

Although smart contracts are still in the early stages of development, more and more businesses use them to perform digital asset exchanges.

They are software programs that carry self-executing code, enabling developers to build applications based on the blockchain.

This makes them a prime target for cybercriminals looking to destabilize such applications. On top of this, experts are still trying to understand how to eliminate the many bugs smart contracts have. Criminals can hack the contracts much easier thanks to these vulnerabilities.

As this technology continues to move further into the mainstream sphere, smart contract hacking is poised to become one of the most significant cyber threats to businesses in 2020 and beyond.

The Takeaway

In the information age, cybercriminals seem to continually be on the lookout for new ways to damage and defraud business organizations and government institutions.

As society continues its path toward globalization and digital transformation, these threats are only going to become more apparent.

Because of this, there has never been a time when businesses needed to be more mindful of the ever-growing number of cybersecurity threats and vulnerabilities in their systems.

Hopefully, the information that we shared in this post will help you stay vigilant and prepared for any potential cybersecurity perils in 2020 so that you can take proactive measures and reduce the risk.