FBI Fires Off A $3.5 Billion Cybercrime Warning

America's FBI has released the Internet Crime Complaint Center (IC3) "2019 Internet Crime Report." which shows that in on year the number of cybercrime complaints from individuals and business organizations reached a staggering 467,361. The total cost £2.7 billion.

The IC3 is an FBI resource that provides a reporting mechanism for suspected cybercrime activity. Since it was first established in May 2000, the IC3 had received a total of 4,883,231 such complaints when the 2019 report was written.

In the last five years, there have been 1.7 million complaints, and the total annual losses had increased from $1.1 billion (£847.5 million) in 2015 to more than $3.5 billion (£2.7 billion) last year.

In all, in just five years, cybercrime has cost individuals and businesses in the U.S. more than $10 billion (£7.7 billion.) 2019 saw both the most cybercrimes reported to date, an average of nearly 1,300 incidents every single day and the biggest losses accrued by the victims.

Business email scammers have reeled in more than 1.3 billion in adjusted losses from a total of 23,775 complaints in 2019. The report states because BEC scammers are becoming more sophisticated and so the threat itself has evolved. "Many organizations remain vulnerable to email attacks because criminals have updated their methods to stay ahead of traditional email security.

The full report can be read at https://www.ic3.gov/default.aspx

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