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?