Cybercrime Estimated at $3 Trillion in 2015
Posted by: Timothy Weaver on 09/19/2016 07:28 AM
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A report by cybersecurity company Herjavec Group has warned that at the pace of ransomware, cyber criminals can expect a lucrative $1 billion this year.
Individuals, businesses and even the police have all been targets of this particular crime. Last year, it is estimated that the criminals grossed $24 million. The Herjavec Group estimates that so far this year, the criminals have grossed a total of $209 million. At this pace, all of 2016 will see a total lose of $1 billion.
The very nature of ransomware, its easy deployment and large rewards is leading to an increase in its proliferation and increasingly targeting larger businesses. Plus the rise of the crytographic Bitcoin digital currency is lending to the rise of ransomware.
"The rise of Bitcoin and other crypto currencies has made it possible, safe, and easy, to demand and receive payments and transfer money anonymously. This has had a dramatic impact on the number and type of cybercrime opportunities. It really is the engine of cybercrime, and it will continue to enable and embolden the criminals," said Matt Anthony, Vice President of Remediation Services at Herjavec Group.
If you consider the overall cost, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, theft and deletion of hacked data and systems, reputational harm and more all contribute to what is estimated to be annual losses of $3 trillion in 2015.
Source: ZDNet
Individuals, businesses and even the police have all been targets of this particular crime. Last year, it is estimated that the criminals grossed $24 million. The Herjavec Group estimates that so far this year, the criminals have grossed a total of $209 million. At this pace, all of 2016 will see a total lose of $1 billion.The very nature of ransomware, its easy deployment and large rewards is leading to an increase in its proliferation and increasingly targeting larger businesses. Plus the rise of the crytographic Bitcoin digital currency is lending to the rise of ransomware.
"The rise of Bitcoin and other crypto currencies has made it possible, safe, and easy, to demand and receive payments and transfer money anonymously. This has had a dramatic impact on the number and type of cybercrime opportunities. It really is the engine of cybercrime, and it will continue to enable and embolden the criminals," said Matt Anthony, Vice President of Remediation Services at Herjavec Group.
If you consider the overall cost, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, theft and deletion of hacked data and systems, reputational harm and more all contribute to what is estimated to be annual losses of $3 trillion in 2015.
Source: ZDNet
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