The “2017 Internet Crime Report“ was recently released by the IC3.  The Internet Crime Complaint Center (IC3) announced that cybercrime victims lost more than $1 billion in 2017! This organization is part of the US FBI and gathers complaints from victims of Internet crime. In 2017, an average of 826 complaints were received each day from victims.

Top 5 Business-Related Cyber Crimes

#1 Business email compromise scams ($675 million)

The victims of business email compromise (BEC) scams lost the most money in 2017. In this type of scam, cybercriminals pose as executives, supplier representatives, lawyers, and other business professionals to con companies out of money. The scammers use well-crafted emails, which are specific to the companies being attacked, to convince the recipients of the emails’ legitimacy. These BEC scams are very low-tech but highly effective milking15,690 business scam victims for more than $675 million.

#2 Corporate Data Breaches ($61 million)

3,785 businesses reported a corporate data breach, equaling an average loss per company of more than $16,000.

#3 Phishing Scams ($30 million)

This scam is when a cybercriminal masquerades as a reputable person or a legitimate organization in order to obtain sensitive information, such as login credentials or financial account numbers. The cybercriminal then uses this information to steal money or data.  Cybercriminals usually carry out phishing attacks via email, but also use text messages (referred to as smishing) and phone calls (known as vishing).

Phishing scams were both common and costly. 25,000+ people reported phishing scams in 2017.

#4 Tech Support Scams ($15 million)

In tech support scams, cybercriminals pretend to be tech support staff, usually from well-known software or security companies. These scammers call or email their victims. The cybercriminals try to convince a target that there is a serious problem on his or her electronic device, which they can fix — for a fee. Close to 11,000 people reported falling for this scam.

#5 Malware ($7 million)

There are many different types of malware that can infect computing devices and networks, including ransomware, scareware, and viruses. 4,872 victims reported malware infections. $2.3 million was paid to cybercriminals who held the victims’ data for ransom.

Having proper security and IT policies is critical in today’s environment. CopperTree Solutions can help develop procedures and policies that protect your business.  Discover the many benefits and savings by having Managed IT Services. 

CopperTree has been happily serving clients large and small, in Kitchener, Waterloo, Cambridge, Guelph, Stratford and surrounding areas.  Visit us at www.coppertreesolutions.ca 

For a free consultation call 519-804-2461 or email Colin.Shantz@ctsol.ca.