Facts about Cyber Crimes

A guest blog by Karthik Reddy.

Cybercrimes are defined as offenses committed against individuals or groups of individuals with a criminal motive to cause harm or loss to the victim, using modern telecommunication networks.

It can include fraud and identity theft, information warfare, phishing scams, spam, etc.

Many would agree with Ginni Rometty, the CEO of IBM, who says that “Cybercrime is the greatest threat to every company in the world.” As a matter of fact, the annual cost of cybercrime to the global economy is more than $4 billion.

In 2017, Ponemom Institute LLC made a survey of cybercrimes’ cost and was developed by Accenture.

The most expensive attack is malware which tops the list with $2,364,806, followed by web-based attacks with $2,014,142. Malicious insider, phishing and social engineering, as well as malicious code, are next on the list and each one of the costs more than $1 million.

According to wired.com the top cybercrimes of 2017 were:

  1. 200K+ computers in 150 countries were affected by the WannaCry malware. 
  2. 12.5K+ machines in 64 countries faced the threat of Petya ransomware.
  3. WikiLeaks published a data trove containing 8,761 documents stolen from the CIA.
  4. Chris Vickery discovered a publicly accessible database with personal information from 198M USA voters.
  5. 2 days before France’s presidential runoff, hackers dumped a 9GB trove of leaked emails from the party of Emmanuel Macron

Therefore, a lot of money must be spent on cybersecurity as seen in the survey by Ponemom mentioned above. The total sum of $11.7 million is the average annualized cost for security that was spent in 2017 and the cost is projected to increase by 22.7%. A whopping $100 billion is the sum that was spent for total IT security in 2017. It is expected that by 2021 the total cost for cybersecurity will exceed $815 billion.

Using strong passwords and changing them regularly, updating all your software, keeping the personal information on social media locked, securing the home network with strong encryption, etc., are many ways to protect ourselves since we are all affected by cyber crimes.

For more information on cyber crime, or any other related topic, contact Internet Removals on 1300 039 196 or via team@internetremovals.com.au.