Cybersecurity will be a focus of the upcoming presidential election as organized 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.
According to ThreatMetrix’s “Cybercrime Predictions for 2016” report,
next year will be the “year of the digital identity.”
ThreatMetrix says 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 center. 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.
As attacks show no signs of slowing down in 2016, ThreatMetrix offers these core areas of focus for the coming year.
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 recognize 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.
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.
ThreatMetrix also says in the report:
1 Consumers will have more online accounts and digital touchpoints than ever before.
◦ The continued growth in mobile devices and smart IoT devices (watches, cars, thermostats) puts the burden on businesses to be able to recognize customers across various touchpoints.
2 Mobile will surpass 50% of all e-commerce and financial transactions.
◦ Consumers will increasingly demand convenient methods of payments, leading to more mobile-friendly payments (and an increase in fraud surrounding these payments).
◦ Growth in mobile device use will bring the unbanked and underbanked into the fold.
3 Cybercriminals will determine new ways to target alternative payments, including online lending and crowdfunding platforms.
◦ With the proliferation of cross-border money transfer, the tools and processes necessary to stop cybercrime must have the same global perspective.
◦ Growth of social and crowdsourcing platforms make the concept of identity verification crucial.
4 EMV migration will secure card-present and drive increased focus by fraudsters on digital channels.
◦ As we’ve said before, fraud activity naturally flows to the area of least resistance.
◦ In 2016, we will see an increase in fraud targeting new account originations in financial services.
5 Companies with large volumes of digital business will look for layered security solutions.
◦ These include solutions that can orchestrate multiple vendors and evaluate risk throughout the session – from login through every interaction – to make better business decisions.
For data, background and forecasts on ThreatMetrix: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).