Cyber Crime

In 2018, 351,936 complaints were filed with the FBI, averaging around 900 a day, and these successful internet crime schemes resulted in about $2.7 billion in personal and business losses.

Cisco Talos recently highlighted the existence of 74 Facebook cybercrime groups with over 385,000 members. A growing concern that Facebook has become a platform to conduct cybercrime activities in plain sight.

In just a few years, cyber extortion has gone from a fringe hacking activity to something that is now very much mainstream. In fact, it’s now possible for hackers to make upwards of $360,000 per year by joining a cyber extortion team.

The problem of social media cyber crime is growing at an astonishing rate and is now a $3 billion business. According to a recent report, nearly 1 in 5 organizations worldwide are now infected by malware distributed by social media.

While digital forensics software and services that are used in cases of cybercrime currently account for just about $430 million, the growth of cybercrime is likely to generate substantial demand in the years to come.

Bangladesh has initiated a lawsuit against Rizal Commercial Banking Corp for the 2016 cyber heist of US$81 million, supported by the Federal Reserve Bank of New York.

No one would argue that 2018 was a turbulent year for cybercrime and identity theft, and there’s no doubt that we’ll continue to outpace this volume and velocity. How can organizations empower themselves – and their employees – to protect sensitive personal and company data?

Recent Imperva survey found that nearly half of security professionals said they could implement an insider attack if they wished to. Insider threats remains one of the top cybersecurity threats to businesses.

Cybersecurity issues in 2018 are becoming a day-to-day struggle for businesses. To keep your organization and customers secure, you will need to know the latest movements in cybersecurity.

CPO Magazine sat down with Prashant Pai and Scott Stransky at Verisk to understand what companies should consider when shoring their cybersecurity defenses.