Cyber Crime Is Growing Very Fast Due To Coronavirus

An Interpol assessment of the impact of Covid-19 on cyber crime shows a significant change of focus from individuals and small businesses to major corporations, governments and critical infrastructures. With organisations and businesses rapidly deploying remote systems and networks to support staff working from home, criminals are also taking advantage of increased security vulnerabilities to steal data, generate profits and cause disruption.

The report reveals the extent to which cyber criminals are taking advantage of the increasing reliance on digital technology over recent months. This includes the rapid shift to home working undertaken by many organisations, which has involved the deployment of remote systems and networks, often insecurely.

Based on feedback from member countries, Interpol said that during the Covid period, there has been a particularly large increase in malicious domains (22%), malware/ransomware (36%), phishing scams/fraud (59%) and fake news (14%).
Threat actors have revised their usual online scams and phishing schemes so that they are Covid-themed, playing on people’s economic and health fears.

The report also found that cyber criminals have significantly shifted their targets away from individuals and small businesses to major corporations, governments and critical infrastructure.

Jürgen Stock, Interpol secretary general, said: “Cyber-criminals are developing and boosting their attacks at an alarming pace, exploiting the fear and uncertainty caused by the unstable social and economic situation created by the virus.“The increased online dependency for people around the world is also creating new opportunities, with many businesses and individuals not ensuring their cyber-defenses are up-to-date.” The study added that “a further increase in cyber crime is highly likely in the future.” This is primarily due to vulnerabilities related to remote working, a continued focus on Covid-themed online scams and, if and when a vaccination becomes available, another spike in phishing related to medical products.

Threat actors have revised their usual online scams and phishing schemes. By deploying Covid themed phishing emails, often impersonating government and health authorities, cyber criminals entice victims into providing their personal data and downloading malicious content. 

Also increasing amount of misinformation and fake news is spreading rapidly among the public. Unverified information, inadequately understood threats, and conspiracy theories have contributed to anxiety in communities and in some cases facilitated the execution of cyber attacks.

Cyber criminals are increasingly using disruptive malware against critical infrastructure and healthcare institutions, due to the potential for high impact and financial benefit. 

In the first two weeks of April 2020, there was a spike in ransomware attacks by multiple threat groups which had been relatively dormant for the past few months. A further increase in cyber-crime is highly likely in the near future. Vulnerabilities related to working from home and the potential for increased financial benefit will see cyber criminals continue to ramp up their activities and develop more advanced and sophisticated modi operandi.

Threat actors are likely to continue proliferating coronavirus-themed online scams and phishing campaigns to leverage public concern about the pandemic.

Business Email Compromise schemes will also likely surge due to the economic downturn and shift in the business landscape, generating new opportunities for criminal activities. When a Covid vaccination becomes available, it is highly probable that there will be another spike in phishing related to these medical products as well as network intrusion and cyber-attacks to steal data.

Interpol:       HelpNetSecurity:     FSMatters:       Infosecurity Magazine: 

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