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Cybersecurity
TechEnterprises

Financial gain trumps espionage as top motivator in cyberattacks, according to report

  • About nine in 10 data breaches last year were financially motivated, according to Verizon’s annual report on cybercrimes
  • Credential theft, phishing and compromising business emails caused 67 per cent of the cyberattacks

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About nine in 10 data breaches last year were financially motivated, according to Verizon’s annual report on cybercrimes. Photo: Shutterstock
Reuters

Money trumped spying as the top motivator for data breaches last year, according to Verizon’s annual report on cybercrimes published on Tuesday.

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About nine out of 10 breaches were financially motivated, based on an examination of more than 32,000 incidents and nearly 4,000 confirmed break-ins in 81 countries, the report said.

Verizon Business 2020 Data Breach Investigations Report found that confirmed data breaches doubled from the prior year. As the coronavirus pandemic has forced people indoors, cyberattacks on businesses are expected to climb.

The report found that 86 per cent of breaches were for money, not for purposes of spying. Credential theft, phishing and compromising business emails caused 67 per cent of the cyberattacks.

As more businesses moved to web-based solutions, so did hackers. According to the report, breaches on web and cloud applications rose to 43 per cent, double the previous year.

Companies like Facebook and Salesforce have extended working remotely to at least the rest of the year, with more businesses expected to follow suit. Verizon Business Group CEO Tami Erwin said the “digital transformation” to the work-from-home model during the coronavirus pandemic has presented a number of security red flags.
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