The headline is startling: Cybercrime costs the world more than $1 trillion, a 50% increase from 2018. From our experience in the trenches, this feels about right. Attackers are using more complex methods for spreading their malware, and the payloads keep getting more sophisticated – better at evading detection and more effective at delivering their malicious payload.
Between July of 2018 and June 2020, the retail, hospitality and travel industries were hit with 63 billion credential-stuffing attacks. Credential stuffing is a cyber attack method in which attackers use lists of compromised user credentials to breach into a system.
On April 30, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a new Joint Statement on the topic of “Security in a Cloud Computing Environment.”