IoT devices and their vulnerabilities
IoT device usage is projected to exceed 15 billion by 2025 and 25 billion by 2030. 6 Cybercriminals are relying more on social engineering tactics to deceive people into opening phishing emails and clicking on links that contain malware. While phishing attempts are not new, cybercriminals have become more personalized in their cyberattacks, making them appear more legitimate. They target businesses and services that store private customer data, which is the most valuable asset in e-commerce. 7 Once cybercriminals gain access to that data, they can use it for identity theft, fraud, and other cybercrimes.
Risks to Online Privacy • 82% of American consumers are concerned about the use of AI by criminals to steal someone’s identity. 8 • 51% of US consumers admit to accepting certain risks to their online privacy for convenience. 9 • 50% of Americans worry about cyberthreats, but lack the knowledge to effectively safeguard their data and privacy. 10 Without the expertise to protect their assets, customers may look to their financial institutions for help.
6 “Addressing the Complexities of Cybersecurity at Fintech Enterprises,” ISACA Journal, Oct. 5 2022. 7 “Cyber security threats: A never-ending challenge for e-commerce," Frontiers in Psychology, Oct. 19, 2022. 8 ”Majority of Americans worry AI will be used for cybercrimes,” Nationwide, Nov. 20, 2023. 9 ”Nearly 1 in 3 Americans report being a victim of online financial fraud or cybercrime,” Ipsos, December 1, 2023 10 ”How Americans view data privacy,” Pew Research Center, October 18, 2023.
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