According to data released by StockApps, the annual loss from any type of cybercrime in the US reached $4.2 billion in 2020. This turns into billions of dollars lost, and a 55% increase over the last two years.
To give a further breakdown on the types of cybercrime and losses involved, $1.8 billion (42%) of the loss came from business email compromise, a common type of CEO fraud. Other popular methods including phishing attacks and extortion.
With last year's SolarWinds hack that breached thousands of organizations, industries ranging from popular hotels to federal agencies were impacted. This hack greatly contributed to the overall loss, along with other notable attacks such as Twitter and Zoom.
Now according to a recent poll, 82% of Americans are viewing cyberterrorism as the top threat facing the country. While we continue to work in a remote environment during the COVID-19 pandemic, the cybercriminals are only going to get more aggressive in their social engineering tactics.
You may be asking yourself - how do we stop cybercrime in our organization completely? With added layers of security this will help alleviate most of the potential malicious activity, but the only way to truly protect your organization is user education. New-school security awareness training can help your users identify and report any suspicious activity.
Cnet has the full story.