The Rising Cost of Cybercrime

As cyberattacks continue to increase yearly, it’s important to arm yourself with the facts and prepare against potential threats. For years, Bluefin has covered cyberattacks and observed that hackers are becoming more savvy and recovery costs keep increasing. So far in 2024, they noted that AT&T, Ticketmaster, and Dell have experienced some of the most significant data breaches.

By the end of the year, the global cost of cybercrime is expected to hit a staggering $9.5 trillion and surge even higher to $10.5 trillion by 2025. Ransomware is the leading culprit as the largest global threat, with the fallout from these attacks projected to cost victims around $265 billion annually by 2031. These damages are expected to hit $42 billion in 2024, double the amount from 2021, which was $20 billion.

Biggest Threat: Ransomware

Even more concerning, Verizon found that out of the 30,458 cyber threat incidents studied, 10,626 were confirmed data breaches, and about one-third involved ransomware or other forms of extortion. Ransomware alone accounted for 32% of these incidents, making it the number one threat for most industries.

For comparison, in the past few years, a mix of ransomware, phishing, malware, and DDoS attacks have been responsible for almost two-thirds of data breaches. These attacks consistently made up between 59% and 66% of all breaches.

Security Tips

Cyberattacks are never-ending, and even with the best security measures in place, companies can still experience a cyberattack. Implementing policies like requiring employees to secure data while transferring files or adding a security platform can help prevent breaches.

Here are some security tips:

1. Routinely Clean Up Data

When data is no longer relevant, and you are not legally required to keep it, securely remove it so that if a breach does happen, there is less data to be released.

2. Use Encryption

While the most common encryption practice is to secure emails when sending sensitive information, requiring employees to authenticate login credentials and install anti-malware and antivirus software on all employee computers/laptops is also good practice.

3. Staff Training

A cost-effective measure that helps prevent accidental breaches is staff awareness training, as human error is the most common cause of data breaches. Creating a culture where everyone is aware of potential threats will significantly reduce the possibility of it happening.

As cyberattacks become more sophisticated, it’s important for companies and employees to remain vigilant to combat these threats. By staying aware of the latest trends and best practices, it will empower you to be one step ahead of hackers.