Cybercrime: Frightening Cyber Security Facts

Cybercrime is defined as criminal activity that involves or entails the use of a computer, a computer network, or a networked device. Cybercriminals or hackers, motivated by profit, commit the majority of cybercrime. However, cybercrime may occasionally aim to harm computers or networks for reasons other than profit. With unemployment rates at 0%, the cybersecurity industry is rapidly expanding, and the demand for data protection officers is higher than ever. In the wake of a year that witnessed the most significant surge in cybercrime rates in history due to a surge in remote work, it’s crucial to remain vigilant and safeguard your businesses and customers against the unprecedented threat of cybercrime.

The Rise of Cybercrime

Over the last few years, the prevalence of cyber crime has skyrocketed, including cyber espionage, malware, and phishing schemes. As a result, experts predict that the cybersecurity market will grow to $1 trillion by 2021. This may appear to be an exaggerated estimate, but many tech users are unaware of how costly cyber crime can be – by 2021, cyber crime will cost the world $6 trillion. The FBI currently has 30 people on its Most Wanted List for cyber criminals, with many of them responsible for consumer losses ranging from $350,000 to $100 million.

Affects over 594 million people each year:

The United States loses $100 billion per year as a result of cybercrime, which affects over 594 million people each year. Individual citizens and large organizations, such as the United States Navy, which receives 110,000 cyberattacks per hour, are all targets of cybercrime. In 2016, cybercriminals stole the personal medical records of approximately 100 million Americans.

Cybercrime Costs Organizations $11.7 Million Per Year:

Businesses, particularly those employing fewer than 2,500 people, have become popular targets. Cybercrime costs organizations an average of $11.7 million per year. Cloud computing, bring-your-own-device policies, and consumerization all increase the risks for businesses. Target lost more than $202 million in May 2017 as a result of a 2013 data breach.

New Ways to Target Victims:

As the Internet of Things (IoT) grows in popularity, cybercriminals have discovered new ways to target victims. Many IoT devices have poor to no security and were used in a number of high-profile attacks in 2016. Symantec investigated these attacks and discovered hundreds of thousands of bots hosted on these devices, potentially infecting other devices on a private network.

Cybercrime has expanded with social media and mobile devices:

Cyber criminals follow consumers as they expand their use of technology to new channels. Social media and mobile devices have provided hackers with numerous new avenues for compromising the security of computer systems and networks. As social media has become the primary source of Internet activity for most people, criminals are choosing social networks over email as their primary means of targeting victims. Cyber criminals primarily use social networks, such as Facebook and Pinterest, as platforms for implementing spamming and phishing techniques.

Online Criminals Target Social Media Because That’s Where The Victims Are:

According to the 2013 Internet Security Threat report by Symantec, “online criminals target social media because that’s where the victims are.” Around 10% of all social media users have encountered a cyber threat. Hackers compromise more than 600,000 Facebook accounts daily. People often share personal information like addresses, phone numbers, and birth dates on social media, which hackers find valuable for cracking passwords or stealing identities.

Like-Jacking is a Popular Type Of Cybercrime:

Social media users are also more likely to click on links posted by trusted friends, which criminals can exploit. Like-jacking is a popular type of cybercrime in which criminals place fake Facebook “like” buttons on websites. When users click the button, they do not “like” the page but rather download malware.

Cybercrime bots sometimes post links on Facebook and Twitter.

Bots are sometimes used to share links on Facebook and Twitter, which can lead to “spear phishing.” Even the United States government is vulnerable; recently, Russian hackers gained access to the computer of a Pentagon official who clicked on a Twitter link. Another Russian cyberattack targeted 10,000 Twitter accounts owned by Department of Defense employees in 2017.

SMS Scams Are Becoming More Common:

SMS scams are becoming more common among mobile users, who are particularly vulnerable because their devices are directly linked to their cellphone bills. Cybercriminals can send costly text messages to users without their knowledge. Mobile botnets described in a recent Symantec report used this strategy to generate $547,500 to $3,285,000 annually.

To avoid cybercrime, desktop and laptop users must secure their devices:

Despite the rise in mobile and social threats, desktop and laptop users should pay close attention to computer security. Apple users, in particular, should exercise caution, as Macs have become an attractive target for cybercrime as the company’s market share has grown. The 2013 Flashback Attack, in which cybercriminals took control of 600,000 Macs, is an example of this. Note that threats targeted only 2.5% of all Macs in 2012, but this figure is expected to rise as Apple’s market share grows.

Ransomware Cybercrime:

Ransomware assaults have also escalated in recent years, and the United States is more vulnerable than other countries: 64% of Americans are willing to pay a ransom to recover stolen material, compared to 34% internationally. According to Symantec, cybercriminals demanded an average ransom of $1,077 per victim in 2017.

Here are some additional enlightening cyber security facts:

• 85% of people posting puppy photos are attempting to scam you.
• Human error causes 95% of all data breaches.
• A cyber attack happens every 39 seconds.
• Cyberattacks target 43% of small businesses.
• 75% of all cyberattacks start with an email.
• The global average cost of a data breach for SMEs stands at $3.9 million.
• Since COVID-19 began, the FBI reports a 300% increase in reported cybercrimes, coinciding with more staff working from home.
• By 2022, the global information security market is expected to reach $170.4 billion.
• On average, major companies take nearly 6 months to detect a data breach.
• Typically, only 5% of company folders are properly protected.
• In the first half of 2020, data breaches exposed 36 billion records.
• Money motivates 86% of breaches, while espionage accounts for 10%.
• Every day, thieves steal 4 million files, which equates to 44 files per second.
• 21% of files lack protection.
• Cybercrime is rapidly becoming more profitable than the illegal drug trade.
• Experts predict that 95% of cloud security failures will be the customer’s fault.
• The most common malicious file extensions are Word, PowerPoint, and Excel (all Microsoft Office formats).
• Email serves as the primary entry point for 94% of malware attacks.
• By 2021, cybercrime costs are expected to hit $6 trillion, more than double the cost in 2015.
• The Netherlands reports the lowest rate of cybercrime, while Russia has the highest.