Cybercrime Soars to $16.6 Billion in 2024: Fraudsters Cash In, But Ransomware Takes a Hit!
Cyber-enabled fraud accounted for a whopping $13.7bn in losses, making up 83% of all cybercrime losses reported to the FBI in 2024. Investment fraud led the pack with $6.5bn, while business email compromise followed at $2.7bn. Despite a rise in ransomware cases, losses surprisingly plummeted from $59.6bn to $12.4bn.
Hot Take:
Who knew that cybercriminals were such dedicated practitioners of inflation? With a jaw-dropping $16.6 billion in cybercrime losses, it’s clear that hackers are giving central banks a run for their money. And while ransomware attacks are up, the losses are down. Looks like cyber crooks are working on a new business model: more hustle, less payoff!
Key Points:
- Cybercrime losses ballooned to a record $16.6 billion in 2024, up 33% from 2023.
- Cyber-enabled fraud accounted for 83% of the losses, with investment fraud being the priciest culprit at $6.5 billion.
- Ransomware attacks rose, but thanks to increased resistance, losses nose-dived from $59.6 billion to $12.4 billion.
- The FBI identified 67 new ransomware variants, proving that hackers are nothing if not creative.
- Despite the FBI’s efforts to curb the cybercrime wave, fraudsters still seem to have the upper hand.
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