Cybercrime is one of the fastest-growing illegal businesses of the 21st Century, as of 2015 it has cost over $1 billion of damages globally and has grown steadily every single year. Much of this is due to the increased popularity of the internet and computing devices like laptops, smartphones, smart devices, and other technological advancements that we use to increase convenience in our daily lives. As humanity continues to innovate and integrate our lives with technology, we can expect this trend to continue. This article is going to highlight some of the main trends we have seen in cybercrime in the last decade.
Annual Damage: In the last decade the global cost of cybercrime has increased from roughly 485 million to over $4 billion of damage. Much of this damage has come at the expense of businesses, who oftentimes never recover from that damage. One statistic found that 60% of small to medium businesses that suffer from a data breach go out of business within 9 months. This just goes to show that the damage can be devastating for a corporation.
Growth in Social Engineering: Social Engineering attacks that become the most popular attack vector for hackers. They are used in roughly 98% of all cyber-attacks and they are extremely effective. They aim to take advantage of the human element of the company and have become more sophisticated and convincing as people have started putting more of their information online.
Growth in Ransomware Attacks: The annual damage of ransomware attacks has increased from $325 million to over $20 billion. Hackers have figured out that ransomware is one of the most profitable types of cyberattacks and they now heavily target large companies in hopes of making a huge payout.
Financial Institutions are Heavily Targeted: Studies show that the banking industry is one of the most heavily targeted industries for cyberattacks, followed by utilities and the automotive industries. Financial institutions make up some of the biggest and most stable companies in the world so it’s no surprise that they would be prime targets for hackers, especially given that financial information and account information for those banks are very valuable targets.
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