Working smart: Keys to reducing cybercrime losses

Defenses against fraud can range from software and systems to security awareness training for staff to expert consultations. (Photo: Shutterstock)

While it can be challenging to establish accurate statistics on cybercrime and the losses businesses suffer because of it, there’s no doubt that enormous sums of money are involved. We also know that cybercrime is on the rise. According to the 2019 annual report from the FBI’s Internet Crime Complaint Center (IC3), total recorded losses over the last five years were $10.2 billion, but $3.5 billion of that was stolen last year alone.

The IC3 figures tend to be conservative, and there’s no telling how many scams go unreported, either because they’re not uncovered or because the victim is too embarrassed. Cybercrime is complex, and there’s a roaring black-market trade in stolen data that enables criminals with different skill sets to exploit and monetize stolen bank details, account logins and other kinds of information.