Cybercrime by the Numbers
As more business owners realize the importance of, and are securing, cybersecurity insurance for their enterprises, the rate of cybercrime continues to expand and explode. Here are some statistics from the FBI marking the increase in instances of cybercrime from 2019 to 2020, as the COVID-19 pandemic raged. Because more businesses were driven by necessity to operate on a greater digital platform, it created a much wider canvas for cybercriminals to exploit, as seen here:
Social attacks (phishing) – Up 197.6%
Credit card fraud – Up 22.5%
Investment scams – Up 119.8%
Identity theft – Up 169.9%
Denial of service – Up 49.2%
Additional noteworthy statistics about cybercrime include:
Ransomware is common (and often lucrative). In 2020, 1 in 6 businesses that fell victim to cyberattacks faced ransomware, and about half paid the ransom.
Cybercrime reports nearly doubled. The FBI’s Internet Crime Complaint Center (IC3) saw a 69 percent increase in the number of cybercrime reports in 2020 versus 2019. On average, the FBI received 2,000 cybercrime reports per day in 2020.
Data breaches affect personal data. In 2020 alone, data breaches exposed over 37 billion personal records, 82 percent of which came from only five breaches. Data breaches affect not only companies and organizations but also individuals.
Identity fraud causes serious losses. Identity fraud losses in 2020 cost its 49 million victims $56 billion in total. That breaks down to $1,100 per victim.
Cyber attacks are the most common: For those familiar with cyber insurance, 70 percent have experienced a cyber attack, followed by identity theft at 69 percent, cyberbullying at 64 percent, and cyber extortion at 69 percent.
Cybercrime shows no indication of slowing down or becoming less dangerous. Having the proper protection is more than prudent – it has become a necessity. Contact the professionals at The Reschini Group to learn more about assessing your exposure to cybercrime, and assembling the right insurance coverage to minimize your risk.
https://www.security.org/insurance/cyber/statistics/
Copyright 2024 The Reschini Group The Reschini Group provides these updates for information only and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
