Tag Archive for: Cybercrime

Cybercrime To Cost The World $10.5 Trillion Annually By 2025

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SAUSALITO, Calif., Nov. 13, 2020 /PRNewswire/ — Cybersecurity Ventures predicts global cybercrime costs will grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015.

This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.

“Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm,” says Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief at Cybercrime Magazine.

“Cybercriminals know they can hold businesses — and our economy — hostage through breaches, ransomware, denial of service attacks and more. This is cyberwarfare, and we need to shift our mindset around cybersecurity in order to protect against it,” says Jack B. Blount, President and CEO at INTRUSION, Inc.

Organized cybercrime entities are joining forces, and their likelihood of detection and prosecution is estimated to be as low as 0.05 percent in the U.S., according to the World Economic Forum’s 2020 Global Risk Report.

“Every American organization — in the public and private sector — has been or will be hacked, is infected with malware, and is a target of hostile nation-state cyber intruders,” adds Blount, who is also the former CIO at the United States Department of Agriculture (USDA).

Blount’s assertion is backed up by some of the nation’s top cyberwarfare and cybersecurity experts, and Fortune 500 chief information security officers, in a roundtable discussion which recently aired on the Cybercrime Radio podcast channel.

Cybersecurity Ventures and INTRUSION, Inc. have partnered on a series of initiatives aimed at providing thought leadership and guidance to CISOs and cybersecurity teams in the U.S. and…

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The 5 Most Notorious Organized Cybercrime Gangs

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Organized cybercrime gangs have embraced the potential of the internet. In recent years, their operations have become so sophisticated that they’ve launched widescale attacks on big corporations and initiated sinister cyber campaigns that caused millions of dollars in damages.

organized cybercrime organizations

Here are five of the most notorious cybercrime gangs that have made headlines.

1. Cobalt Cybercrime Gang

This cybercrime gang is behind the Carbanak and Cobalt malware attacks that targeted 100 financial institutions in more…

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Tips protect from cybercrime as online use increases | Preston Citizen

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As a result of the pandemic and its aftermath many Idahoans are relying on their phones, laptops and other devices more than ever for work, school, and to stay connected. This increase in online activity corresponds with greater consumer exposure to cyber-attacks and scammers seeking to exploit victims.

“There definitely have been more reports of it recently. I believe it is due to people spending more time online and doing more over the internet,” said Preston Police Chief Dan McCammon. “We have taken complaints that range from people being contacted through email, phone, and all the social media apps. There are scams where the suspect tries to get the victim to believe there is a warrant out for them, or they are talking to the IRS and need to make a payment that day, or they have a child or grandchild in jail and bail money is needed. Then there is the classic one where the victim is notified they won a jackpot to a lottery they have never played, or a rich person died and they are only last living heir to a fortune and you only need to send a few hundred dollars to get the money sent to you,” he said.

Consider these five tips to stay safe online.

Clear out cyber clutter

Think of this as spring cleaning for your digital space. A good digital spring cleaning can prevent cyber criminals from accessing old information that could help them figure out how to get to your new information. To clean up files stored on your devices, first back up important files and then delete unused or outdated files. Empty your desktop recycling bin to help permanently remove deleted files.

Update logins and passwords

Opting for the same password for multiple applications makes it easier for a scammer to access your information. Instead, choose a unique password, preferably eight characters or longer that does not contain personal information or common words. An easy way to double your login protection is to enable multi-factor authentication (MFA) whenever possible. Review the privacy and security options each platform provides to prevent granting access to unwanted visitors.

If you connect, you must protect

One of the best defenses…

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Computer security expert shares tips on staying safe amid surge in cybercrime

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National Cyber Security Alliance Executive Director Kelvin Coleman said it’s simple math, more people online has caused a sharp uptick in cybercrime. He’s seen a 400% increase fro …
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