Top Cyber Threats for 2016; Integrity Attack on Financial Sector Likely

Businesses should expect cyber criminals to attack through wearable devices, employees’ home systems, cloud services and automobiles within the next year, according cyber experts at Intel’s McAfee Labs.

By 2020, individuals could be receiving payment for sharing their personal data and hackers could be manipulating markets in their favor through financial intelligence gathering, the experts also predict.

Intel Security has released its McAfee Labs Threat Predictions Report, which offers predictions on the cyber threat landscape in 2016 and insights into what that landscape might look like through 2020. The report, which reflects the opinions of 33 of Intel Security’s thought leaders, also addresses likely responses to these threats.

“The best hockey players navigate within the ice rink, grapple with opposing players, take advantage of opportunities when available, and, critically, as Wayne Gretzky said, always ‘skate to where the puck is going to be—not where it has been,'” said Vincent Weafer, vice president of Intel Security’s McAfee Labs, in a statement about the report.

2016 Predictions

The 2016 threat predictions include likely threats around ransomware and the sale of stolen data. The cyber risk threats McAfee experts sees in 2016 include:

Hardware. Attacks on all types of hardware and firmware will likely continue, and the market for tools that make them possible will expand and grow. Virtual machines could be targeted with system firmware rootkits.

Ransomware. In 2016, greater numbers of inexperienced cyber criminals will leverage ransomware-as-a-service offerings which could further accelerate the growth of ransomware.

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Wearables. Although most wearable devices store a relatively small amount of personal information, wearable platforms could be targeted by cyber criminals working to compromise the smartphones used to manage them. The industry will work to protect potential attack surfaces such as operating system kernels, networking and Wi-Fi software, user interfaces, memory, local files and storage systems, virtual machines, web apps, and access control and security software.

Attackers are likely to shift their focus and increasingly attack enterprises through their employees, by targeting, among other things, employees’ relatively insecure home systems to gain access to corporate networks.

Attacks through employee systems. Organizations will continue to improve their security postures, implement the latest security technologies, work to hire talented and experienced people, create effective policies, and remain vigilant. Thus, attackers are likely to shift their focus and increasingly attack enterprises through their employees, by targeting, among other things, employees’ relatively insecure home systems to gain access to corporate networks.

Cloud services. Cyber criminals could seek to exploit weak or ignored corporate security policies established to protect cloud services. Home to an increasing amount of business confidential information, such services, if exploited, could compromise organizational business strategy, company portfolio strategies, next-generation innovations, financials, acquisition and divestiture plans, employee data and other data.

Automobiles. Security researchers will continue to focus on potential exploit scenarios for connected automobile systems that fail to meet best practice security policies. IT security vendors and automakers will develop guidance, standards and technical solutions to protect attack surfaces such as vehicle access system engine control units (ECUs), engine and transmission ECUs, advanced driver assistance system ECUs, remote key systems, passive keyless entry, V2X receiver, USBs, OBD IIs, remote link type apps and smartphone access.

Warehouses of stolen data. Stolen personally identifiable information sets are being linked together in big data warehouses, making the combined records more valuable to cyber attackers. The coming year will see the development of an even more robust dark market for stolen personally identifiable information and usernames and passwords.

Integrity attacks involve modifying transactions or data in favor of the perpetrators, such as a malicious party changing the direct deposit settings for a victim’s paychecks and having money deposited into a different account.

In 2016, McAfee Labs predicts that there could be an integrity attack in the financial sector in which millions of dollars could be stolen by cyber thieves.

Integrity attacks. One of the most significant new attack vectors will be stealthy, selective compromises to the integrity of systems and data. These attacks involve seizing and modifying transactions or data in favor of the perpetrators, such as a malicious party changing the direct deposit settings for a victim’s paychecks and having money deposited into a different account. In 2016, McAfee Labs predicts that there could be an integrity attack in the financial sector in which millions of dollars could be stolen by cyber thieves.

Sharing threat intelligence. Threat intelligence sharing among enterprises and security vendors will grow rapidly and mature. Legislative steps may be taken making it possible for companies and governments to share threat intelligence. The development of best practices in this area will accelerate, metrics for success will emerge to quantify protection improvement, and threat intelligence cooperatives between industry vendors will expand.

The McAfee report also includes a five-year outlook attempting to predict how the types of threat actors will change, how attacker behaviors and targets will change, and how the industry will meet these challenges through 2020.

For more information read the full report: McAfee Labs Threat Predictions Report

Source: McAfee Labs/Intel Security