European Union (EU) police agency says cybercriminals now focus more on data and profits. EU police warns cybercriminals are using new technology as they shift their focus to 'larger and more profitable' targets. The report published by EU police also says cybercriminals are also exploiting existing online vulnerabilities.
Government agency Europol said in its annual report Internet Organized Crime Threat Assessment that since digital data is a key target. 'data security and consumer awareness are paramount for organizations.'
"While we must look ahead to anticipate what challenges new technologies, legislation, and criminal innovation may bring, we must not forget to look behind us," Europol Executive Director Catherine De Bolle said. "'New' threats continue to emerge from vulnerabilities in established processes and technologies."
The report, which is intended to give police and policymakers an overview of cybercrime trends, also referred to what the authors called "data overload" in efforts to counter online images of child sexual abuse.
According to EU police report, improvements in 'deep fake' technology that can make it appear as if someone is saying something or acting in a way they aren't also 'could be of concern for online child sexual exploitation.' While the number of cyberattacks is declining, perpetrators are focusing on 'more profitable targets and greater economic damage,' the report warned.
Meanwhile, International police organization Interpol also warned of an increasingly practised form of cybercrime. Interpol launched a public awareness campaign focused on scams known as "business email compromise," or BEC, in which employees receive requests for money in emails purportedly sent from within their own companies.
"With more than USD 1 billion lost to BEC fraud last year alone, this relatively unknown crime is fast becoming a global phenomenon," said Craig Jones, Interpol's director of cybercrime.
Enhanced cooperation between law enforcement agencies, computer security teams and others is the key to tackling major cyberattacks, the report said.
The report also reveals ransomware remains the top threat. Previously, the Kaspersky IT Threat Evolution Q2 2019 report suggested ransomware attacks significantly increased during the period April-June 2019. Researchers also observed a significant increase in the number of new modifications made to ransomware belonging to some new malware families.
(With AP inputs)