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The FBI reports that online scams reported to them in 2023 reached a record $12.5 BILLION.
Estimates are that only 10 to 20 percent of cybercrime is reported to the FBI, mostly because even the FBI admits that the odds of getting your money back are very low and the odds of the FBI even having the resources to investigate any given crime are even lower.
Assuming that range is correct, the actual losses might be in the $50 billion to $100 billion a year.
More than a third of the losses are tied to investment scams such as pig butchering scams.
On the other hand, only $59 million in losses were reported last year due to ransomware. Given that, for example, Caesars was reported to have paid a $15 million ransom by themselves, this number is absurdly low.
This month, the Change Healthcare ransomware attack is estimated to be costing some organizations (large ones) a hundred million dollars a day. Hopefully, they will recover a lot of that, but who knows.
Bottom line, whether it is $12 billion or a hundred billion, increasing your defenses and being ready to respond are you two best bets to protect your company. If you get hit by a ransomware attack, will your company even survive?
If you need help, please contact us. Credit: CNN