Data Breach Industry Forecast Offers Businesses Predictions and Advice

Experian’s Data Breach Resolution released its Data Breach Industry Forecast on Tuesday in an effort to help key business decision makers prepare against cybercrime in the year ahead.

• By Jessica Davis
• Dec 13, 2017

As technology becomes more ubiquitous, businesses face more cybersecurity concerns than ever before. Experian’s Data Breach Resolution released its Data Breach Industry Forecast on Tuesday in an effort to help key business decision makers prepare against cybercrime in the year ahead.

Based on Experian’s data and experience, they’ve forecast the following five data breach trends for 2018 and offered advice on how to prepare:

1. The U.S. may experience its first large-scale attack on critical infrastructure, causing chaos for governments, companies and private citizens. Reportedly, 40 percent of industrial enterprises faced cyberattacks in the second half of 2016, and threats may continue to increase as hackers aim to create confusion and chaos. Public and private sector organizations need to make sure that they use the strongest technology available to thwart cyber criminals.  
2. Failure to comply with new EU regulations will result in large penalties for U.S. companies. The EU passed the General Data Protection Regulation in 2016 and its scheduled enforcement date of May 25, 2018. The GDPR lays out strict requirements on the ways companies worldwide should process, store and secure EU citizens’ personal data. These requirements include some of the best practices companies should already have in place, and businesses should invest time and resources into them to avoid repercussions or damage to their reputation.
3. Perpetrators of cyberattacks will continue to zero in on governments, which could lead to a shift in world power. With cyberattacks toward the British and Scottish parliaments in 2017 and the U.S. Democratic Party, it’s clear that hacking attempts to destabilize and disrupt governments and the like are growing in popularity. As governments take steps to further protect governmental processes, the private sector should work toward strategies for global business continuity in the face of data breaches.
4. Attackers will use artificial intelligence to render traditional multifactor authentication methods useless. AI provides possibility for technology and security, but cybercriminals can use those capabilities to scan software to identify and exploit unknown weaknesses—in record time, making time-consuming hacks more efficient. Businesses should stay up to date on security technology available to protect personally identifiable information and ensure they use patented security technology to keep hackers out.
5. Vulnerabilities in Internet of Things (IoT) devices will create mass confusion, leading to new security regulations. Consumer demand and use of IoT devices has increased, and with it, hacking opportunities. The interconnectedness of IoT devices makes them great target for advanced hacks and ransomware. Businesses using smart devices must consider IoT-specific risks in their response plans.