Financial gain trumps espionage as top motivator in cyberattacks - report
Published: May 19, 2020 07:18 PM
Money trumped spying as the top motivator for data breaches in 2019, according to Verizon's annual report on cyber crimes published on Tuesday.

Eugene Kaspersky, CEO of Kaspersky lab, delivers a speech at a forum on cybersecurity technologies as part of the 2019 China Cybersecurity Week campaign in north China's Tianjin, September 16, 2019. Photo: Xinhua

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 percent of breaches were for money, not for purposes of spying. Credential theft, phishing and compromising business emails caused 67 percent 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 percent, double the previous year.

Companies like Facebook Inc 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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