Hobby Lobby’s mistakes pack a high cost, Australia’s Channel 9 News gets knocked off the air by a cyberattack, production at Sierra Wireless gets held up by ransomware, and a look at what the FBI IC3 report means for your business.
1 – 1.5 = Extreme Risk
1.51 – 2.49 = Severe Risk
2.5 – 3 = Moderate Risk
Risk scores for The Week in Breach are calculated using a formula that considers a wide range of factors related to the assessed breach.
Huge Cybercrime Numbers Provide Food for Thought
The recent release of the FBI’s annual IC3 Internet Crime Report draws attention to the surge in cybercrime that businesses have seen in the last year – more than 80% of businesses reported seeing an increase in cyberattacks in 2020. That means that it’s a smart move to put in a little time to review your cybersecurity suite now and add extra protection against some nasty threats if needed.
2020’s increase in cybercrime was hefty across the board, including an enormous increase in phishing of more than 600%. Phishing is responsible for Internet Crime Complaint Center (IC3)’s top reported scam of 2020: business email compromise. The FBI notched 19,369 business email compromise scams in 2020 with a painful adjusted loss of approximately $1.8 billion.
Ransomware defense should also be high on your priority list. This menace isn’t slowing down, and just one incident can devastate your business. Two in five small or medium businesses were hit with ransomware in 2020. IC3 reports that it received 2,474 complaints identified as ransomware with adjusted losses of over $29.1 million.
The FBI received 791,790 cybercrime complaints in 2020 that resulted in a loss of over $4.2 billion and that’s 300,000 more than 2019. That’s an astounding 69% increase in reported cybercrime – and most cybercrime goes unreported.
Make sure that your business doesn’t end up in next year’s report by taking the time to review your protection and bolster it where you can. If your budget is a limitation, look for multifunctional solutions that can check off many security boxes at once.
Cybercrime is continuing its upward trend in 2021. Take the time to review your security coverage now and make smart updates that protect your business from the rising tide of cybercrime.
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