The rapid increase in pandemic-related cybersecurity claims

“Fraudsters will take advantage of any opportunity to steal your money, personal information, or both. Right now, they are using the uncertainty surrounding the COVID-19 pandemic to further their efforts,” said the FBI in a press release. (Photo: Shutterstock)

COVID-19 has resulted in one of the largest work-from-home situations in U.S. history. As hackers discover new ways to exploit the security vulnerabilities created by the pandemic, cybersecurity is under new levels of stress, resulting in a substantial increase in cybersecurity risks for businesses.

In fact, as of the end of March, more than 1,200 complaints of COVID-19-related cybercrimes have been investigated by the FBI. Before the pandemic runs its course, the agency predicts that the number of cybercrimes, primarily email compromise schemes, are expected to double, along with damage costs due to phishing scams, ransomware attacks and insecure remote access to networks, according to an FBI Press Release.