Unfortunately, cybercrime isn’t going anywhere anytime soon. Below is a brief update from the FBI on the topic.
FBI: Cybercrime Losses Reached $1.33B in 2016, a 24 Percent Rise
Losses from cyber crimes rose 24 percent in 2016 to over $1.33 billion, according to a report by the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3).
The center, which was set up in 2000 to receive complaints of internet crime, received 300,000 complaints during the year from hacking victims.
Businesses lost $360 million to cyber criminals, who tricked them into wiring money using fraudulent emails that appeared to be from corporate executives and suppliers, according to the report released on Wednesday.
IC3 said it received 2,673 complaints last year from victims of ransomware, with losses totaling over $2.4 million.
In May, the WannaCry ransomware attack infected 300,000 computers in more than 150 countries, disrupting factories, hospitals, shops and schools.
Ransomware is a form of malware that encrypts data on infected machines, then typically asks users to pay ransoms in hard-to-trace digital currencies to get an electronic key so they can retrieve their data.
Cyber Insurance is quite possibly one of the most discussed and equally misunderstood concepts over the past several years. If you own a business, you must ensure you are protected from cybercrime. Libertate Insurance has access to several markets one of which is a new PEO Cyber Master program. Contact us today for more information.
Sharlie Reynolds, 305.495.5173 / sreynolds@libertateins.com
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