Cybercrime report results. Cybercrime report results. (Source: Shutterstock)

Following a surge of sophisticated cyber-attacks on financial institutions during the first half of 2020, the industry saw this category of schemes that closely resemble human behavior shift to other industries – namely retail. That’s according to a new report on cybersecurity trends from NuData Security, a Mastercard company, titled “2020 H2: Fraud Risk at a Glance.”

The percentage of attacks against financial institutions classified as sophisticated dropped by 65% from the first to second half of 2020, while sophisticated attacks on the retail sector grew from 38% to 76% during that time period, according to NuData. “Our H1 report warned of a new type of attack on the rise – sophisticated scripts that emulate human behavior to evade detection,” the report stated. “Our H1 report predicted this focus was likely to shift as attackers test their new techniques against industries that are perceived to have weaker security protections. As predicted, the percentage of attacks on financial institutions that were sophisticated dropped to 31% as attack volumes in the sector declined overall.”

Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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