As people continue to work from home, shop, bank and stay connected online during the pandemic, hackers continue to try and infect their devices with identity stealing malware. The surge in communications and an increase in the digitalization of businesses have increased the risk of cyberattacks. As a result, the global identity theft protection services market grew from $8.94 billion USD in 2020 to $10.11 billion in 2021. This number is projected to grow to $24.90 in 2028 at a CAGR of 13.7% from 2022-2028.
According to the Identity Theft Resource Center, cybercrime trends for the coming year include the following:
Due to the increase in data breaches that occurred in 2021, the accumulation of personally identifiable information (PII) to the misuse of PII will accelerate in 2022.
Due to the continuing nature of unemployment benefit identity fraud, the ITRC expects this fraud to be a permanent addition to the risk landscape.
Malware has plateaued as a root cause of data breaches, making way for newer attacks to become the root cause of data breaches and identity crimes.
The effects of pandemic-related fraud will continue into 2024, with some fraud cases taking years to resolve and unemployment compensation fraud efforts likely becoming permanent.