Experian, a well-known credit bureau, recently released its 12th annual report forecasting trends in data breaches and fraud that are expected to unfold over the next year. This report is significant for banks and credit unions as it provides insights into potential threats in the cybersecurity landscape.
One of the key predictions in the report is that fraud committed by company insiders is likely to increase. This forecast is based on the trend of companies providing educational AI training to employees, which could be exploited by insiders to perpetrate fraud. The report warns that a global brand may be impacted by such insider fraud in the coming year, highlighting the need for organizations to be vigilant about the misuse of AI training by employees.
Another important trend identified in the report is the move towards more dynamic personal identification schemes to combat fraud. With advancements in AI technology making it easier to create fake identity documents and images, traditional forms of identification like driver’s licenses and Social Security cards are becoming more vulnerable to exploitation. To address this issue, the report suggests that governments could adopt dynamic identification systems that continually change, enhancing security and reducing the risk of identity theft.
Additionally, the report points out that cyberattackers are likely to target power systems to undermine cloud infrastructure. As dependency on power for running AI and other systems increases, the electrical distribution network becomes a prime target for threat actors seeking to disrupt critical infrastructure. Experian warns that within the next year, a nation-state’s cloud infrastructure could be jeopardized by an attack on the power needed to operate it, emphasizing the importance of securing power systems against cyber threats.
These predictions align with the evolving landscape of cybersecurity threats and highlight the need for organizations to stay ahead of potential risks. The report serves as a valuable resource for banks and credit unions to understand emerging trends in fraud and cyberattacks, allowing them to enhance their security measures and protect against insider threats, identity fraud, and attacks on critical infrastructure.
In conclusion, Experian’s annual report provides valuable insights into the future of cybersecurity and fraud trends, helping businesses and financial institutions prepare for potential risks. By staying informed and proactive, organizations can mitigate the impacts of insider threats, identity fraud, and cyberattacks, ensuring the security of their systems and data in an increasingly digital world.