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Commentary: Cyber Security Breaches Survey 2024 – CPO at Appdome

April 2024 by Chris Roeckl, CPO at Appdome

The Cyber Security Breaches Survey 2024, produced by the Department for Science, Innovation, and Technology and the Home Office, found that the most common type of breach or attack by far is phishing (84% of businesses and 83% of charities). Chris Roeckl, CPO at Appdome comments on the findings.

“The report indicates a clear surge in social engineering attacks, a consequence of generative AI’s expanding accessibility, highlights a pressing security concern. Social engineering, employing deceitful strategies such as phishing, vishing, baiting, and smishing, lies at the heart of nearly 98% of cyberattacks. This alarming statistic underscores the urgent need for heightened vigilance, especially regarding mobile applications. Given their extensive use and the significant private personal and corporate data they contain, mobile apps have emerged as particularly attractive targets for cybercriminals.

“The brand damage and financial repercussions of these attacks on businesses are staggering, costing billions in investigations, remediation, refunds, and potential regulatory penalties. The personal emotional pain and financial loss to victims can be tremendous. It’s imperative for brands to counteract these social engineering tactics decisively. Employing real-time behavioural analysis techniques to thwart manipulative strategies can protect consumers from falling victim to scams.

“As AI-powered attacks become more sophisticated, including tactics like vishing, the urgency to act intensifies. The reality we face is stark: continuous growth in attacks is inevitable. The focus must now shift more than ever to constantly safeguarding mobile apps from the manipulative grips of social engineering, to not only protect financial assets but to preserve the trust and security of consumers worldwide.”

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