On January 9, 2018

A recent research paper was released which predicted that - “The Largest Cyberattack in History Will Happen Within Six Months”. We also have reports and data trends that indicate that many businesses will go Digital as well. Many new ventures will be initiated in FinTech, EdTech, LegalTech, Ecommerce and even the non-digital incumbents who have been sitting on the fence, will want to release their new digital avatars.

A quick summary of the research findings for FinTech and EdTech are presented here:

FinTech EDTech
Data Breaches Expected to Rise by 300% Digital Classroom and Online Learning Disruption will be caused by Data Breaches.
Application Security Risk More prone to cyber thefts. Attackers will leverage the applications to steal customer data and other vital information. Whether students are unable to access online lessons, or teachers are unable to prepare and present online lessons.
Digital Identity Risks Mobile-based services like one-time passwords and security codes are not safe and can be easily accessed by a hacker. Tampering of Identities for Certifications and Records will increase proportionally to the use of digital and online adoption of technology.
Cloud-based Security Risks Inefficient solution providers and can result in the corruption of sensitive information. Lack of adequate security measures will lead to significant data losses including Exam Records and Certifications
Malware Attacks Malware attacks are the most prominent types of security issues and hackers are now targeting the Fintech Companies Society more easily. Students are prone to malware attacks through games, social networking, and chat platforms.
Account Takeovers The hackers will make purchases using a credit card. Use of account access to send phishing emails to other contacts and gain access to more accounts and information. They could also take over an email account for an administrator and wreak all kinds of havoc Hackers will take over Facebook profiles and send bullying messages to other students based on their personal information. They could use Student account take overs through email for access of administrator accounts to access and tamper or delete important academic and financial records.