What is the Costliest Cybercrime?

We know from this post that the cost of cybercrime is escalating at an alarming rate, with seemingly no end in sight. To help clients pinpoint where to focus resources and help mitigate cyber attacks, Attronica.ai, a newly formed division of Attronica, looked at the costliest types of cybercrime. 

This report from Statista's Market Insights underscores cyber crime's escalating threat and financial toll, with losses surging to $6.9 billion in 2021 from $4.2 billion in the previous year. This alarming increase in cybercrime losses, primarily in the U.S., calls for heightened vigilance and reinforced cybersecurity measures.

The FBI's report highlights compromise in business, school, and personal email as the most financially damaging cyber crimes, costing victims almost $2.4 billion in 2021. Furthermore, the IC3's 2022 report highlighted that over the last five years, it has received 3.26 million complaints with total reported losses amounting to $27.6 billion. The top five internet crime types reported in 2022 included phishing, personal data breaches, non-payment/non-delivery, extortion, and tech support scams. Business email compromise, crypto investment scams, ransomware, and call center fraud were also noted as high activity categories.​

This data highlights the urgent need for businesses and schools to adopt and implement comprehensive cybersecurity resiliency planning, including awareness training, risk assessment, and incident response, should a breach occur. 

Education and awareness are the first lines of defense in the digital age. Equip yourself and your organization with the expertise to navigate the complexities of cyber threats confidently.

For more information on cybersecurity awareness training, visit Attronica.ai