Cybercrimes are crimes and offenses committed against individuals, groups or businesses with a criminal motive using computers, smartphones and other modern technology. There are many types of cybercrime, such as theft (of data or resources), information warfare, phishing emails and malware attacks.
In 2017, cybercrime represented the greatest threat to some of the world’s largest companies. Today, it looks like it’s not going to go away. In fact, cybercrime is a risk anyone – including you, who reads this on a connected device – faces online.
Cybercrime as a whole is costing organizations $11.7 million per year on average. By far, the most expensive form of cybercrime is malware, which costs around $2.4 million. Next, web-based attacks at around $2 million and then other smaller-scale cybercrimes such as phishing attacks and malicious code costing more than $1 million.
Keep in mind that malware is a general term that describes various ways to infect devices, compromise files, steal information or record people’s keystrokes. It’s pretty scary stuff, and it can have really devastating effects, especially if you enter your credit card information on your laptop. One potential way to reduce your cyber risk is using a virtual private network (VPN). Of course, being careful with emails from unknown sources and staying away from sites with doubtful reputations also helps.
On a larger scale, companies make huge investments in cybersecurity, and it is an industry that is rapidly growing. The cybersecurity market itself is increasing and should grow over $105 billion by 2020, while the annual cost of cybercrime is expected to reach $2 trillion by 2019.
We rarely talk about monetary values in trillions, but this just goes to show how much of a prevalent and serious problem cybercrime is and shall continue to be. With this, there is going to be more opportunity for cybersecurity specialists, and it is expected to witness 1.5 million unfilled cybersecurity positions by 2020.
Want to learn more about cybercrime? Check out our infographic, which is packed full of interesting facts, statistics and information.
About the Author
Karthik Reddy, community manager at bestvpns.co.uk, is the author of India’s #1 travel blog. Boasting an MBA in computer science, he once decided to get away from the office desk life and take a breathtaking journey around the world. He is eager to use the power of the global network to inspire others. A passionate traveler and photography enthusiast, he aspires to share his experiences and help people see the world through his lens.