Companies lose up to $2.9 million every minute worldwide from cybercrime, according to an industry estimate. Despite many highly publicized cybercrime incidents, organizations often are caught off-guard when they face these crises.
Research reveals the cybercrime problem will only worsen as time goes on. Fortunately, there are many tools and resources available to help organizations avoid most of their cybercrime vulnerabilities.
We’d like to help you get your company ready for potential cybercrimes, so we’ve outlined some of the biggest threats today.
Ransomware crimes have been rampant in recent times. For example, it’s estimated that ransomware attacks increased 200% in 2018 alone, reaching $10.5 billion in losses. The next year, statistics suggest many companies were better prepared, and the number fell to $9.9 billion.
Still, ransomware attacks remain a huge risk to companies in all industries. With COVID-19 and so many organizations working remotely, there only are higher chances that digital systems can be hijacked and ransom demanded.
Because of the serious nature of these threats, about 25% of victim organizations eventually pay the criminals. Sadly, 1% of those that paid up didn’t get their private data and information back.
Social Media Attacks
Using popular social media channels to commit cybercrimes isn’t new but it’s not as common as others.
Attacking someone on social media requires more research to encourage the target to commence interactions. Also, criminals often set up fake profiles, but it takes a lot of time to make them effective.
Still, it is expected criminals will use Facebook, Instagram, and other social media outlets to commit crimes in the future.
Mobile Malware Attacks
Like many cybercrime activities, mobile malware is growing in complexity and effectiveness. In 2020, Microsoft discovered new kinds of malware for Android. It was the latest evolution of mobile ransomware and incredibly sophisticated.
The malware could disable the Android device and force you to cough up money to get your data and service back. Who wants to have to pay someone to access your own device? And it may not even work!
Unfortunately, the evolving sophistication of mobile malware attacks won’t end soon. Tech experts expect even more advanced variants soon. Machine learning is mostly responsible for the growing complexity.
Help your team avoid mobile malware threats; tell them to think carefully about every website they visit. Is it a legitimate and well-known site or something fishy?
Further, employees should be cautious about any file they download and the links they click. Any time they click on a scammy email link or don’t update their mobile software, they and their organizations are at risk.
It’s best to have every employee install an advanced cybersecurity application on their phone to sniff out these threats.
Fortunately, regular employee training is a massive help to avoid these daily risks. One study revealed recently that quarterly training enhances employees’ ability to catch phishing attempts.
Crypto exchanges saw a 1000% increase in the first part of 2021 compared to the same period the year before. And most cryptocurrency attacks came on social media.
Experts say they think crypto companies will be targeted more aggressively by cyberthieves this year. After all, crypto exchanges contain a lot of money.
One cybercrime netted $612 million in stolen digital tokens from Poly Network. Success like that just breeds more attempts.
As organizations map their plans for this year and beyond, the cybercrime minefield must be carefully considered. If your company does its job prioritizing and allocating funds for fighting cybercrimes, it will be more successful and productive in the future.