“The FBI’s annual summary of the previous year’s cybercrime activity shows just about everything trending in the wrong direction: incidents are up, costs and damages are up, and ransomware is returning to the heights it hit during the depths of the Covid-19 pandemic.”
Why this is important: The FBI's annual summary of cybercrime activity in 2023 reveals concerning trends: incidents are on the rise, costs and damages are up, ransomware is surging, and there was a sharp spike in cryptocurrency fraud. The costs of ransomware attacks were up by 74 percent, reaching $59.6 million. Notably, critical infrastructure companies were frequently targeted, with healthcare facilities being the primary victims, followed by manufacturing and government entities.
One significant shift observed is that ransomware gangs increasingly focus on data extortion rather than just ransomware attacks, exploiting vulnerabilities in organizations' defenses to steal sensitive data for extortion purposes. The report also highlights demographic-specific cybercrime patterns, such as elderly individuals being prime targets for tech support and government impersonation scams, while investment fraud schemes primarily affect younger Gen X and older Millennial demographics.
Accurately assessing the full extent of cybercrime is challenging, given underreporting and the evolving tactics of cybercriminals. Given the growing threat posed by cybercrime, robust cybersecurity measures are paramount, especially for critical infrastructure sectors and smaller organizations with limited resources. Legal professionals and policymakers need to prioritize strategies to enhance cybersecurity defenses, improve reporting mechanisms, and strengthen law enforcement efforts to combat cybercrime effectively. --- Alison M. Sacriponte