Three Reasons Cyber Crime Is Undoubtedly Getting Worse

In the ever-growing world of technology, the list of threats has only gotten worse. Accounts of cybercrime have gone through the roof as of late and they don’t show signs of stopping. CEO fraud, real estate scams, ransomware… the list goes on. Today, we’re highlighting three pieces of proof that cyber crime isn’t something to ignore.  

Rise in Ransomware

Ransomware (cyber extortion, to put it plainly) is now the most lucrative cyber crime of 2016. The FBI estimated that in Q1 of 2016 alone, $209 million was lost to ransomware. Hospitals, law enforcement agencies, school districts, businesses, other entities and individuals have been affected by this form of malware and it’s not something to be taken lightly.

Proper measures should be taken to prevent an attack like this. Educating employees on the dangers of cyber crimes, ensuring proper security measures are taken, and maintaining your backups all play an important role in protecting your entity against ransomware.

Business to Business Cyber Crimes

In a previous blog post, we covered a story about a Fortune 500 company allegedly hiring a ransomware gang to attack a competitor for the purpose of corporate sabotage. The reasoning behind the attack was to interrupt operations in efforts to get ahead of their competitor. If businesses begin to hire ransomware agents to carry out attacks among competitors, it’s proof that the cybercrime epidemic is not the only thing getting worse: greed is, too.

Manufacturing companies and the healthcare industries are two top targets for ransomware attacks. The healthcare industry accounted for 88% of attacks in Q2 of 2016, according to a news report.

If you’d like to read more about the Fortune 500 attack, follow this link.

CEO Scams

Spearfishing has transformed from a lazy attempt at cyber crime to a sophisticated art form. Most spearfishing attempts are done with financial fraud in mind. By carefully crafting a spoofed email from a senior exec, scammers direct the recipient to transfer a large amount of cash directly to their bank account.

Business Email Compromise, as these attacks are formally called, have grown exponentially in the past 2 years. The FBI reports that over $750 million have been stolen from October 2013 to August 2015.

As acknowledged above, cybercrime is no joke. The stakes for an attack are growing rapidly and now it’s more a matter of when you’ll be hit than if. Do your part in protecting yourself by keeping your data safe. If you’re in need of further proof that cybercrime is growing or would just like to read more, check out the link below:

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