Spear phishing and attacks on custom-built applications are two of the key threat trends this year, according to the trusted SANS Institute's annual report on Internet security.

The recently released list, Top 20 Internet Security Risks of 2007, pinpoints the cyber security risks that caused the most damage this past year in order to move towards adopting new security measures.

While emerging trends have been highlighted in this years report, attackers have continued to significantly raise the stakes in older targets, as well. Frequent attack targets listed on the client-side include Web browsers, Office software, and media players, while the server-side list names Web applications, Windows services and database software. Unencrypted laptops and removable media, VoIP servers and phones, and instant messaging also found a place on the list.

Read the executive summary to get the full highlights of the report.