How much money have we lost to cybercrime? This report has the answer / The world of digital information
Cybercrime and malicious hacking impact virtually every aspect of life. Most of the big tech companies have suffered very serious hacks, and even the mighty US government has not been immune to malicious actors, everything has been considered and taken into account. Atlas VPN recently wrote a report intended to provide a bit more information on the amount of money actually lost in cybercrime, and these statistics date back to 2015.
The total amount lost to cybercrime since 2015 exceeds $ 25 billion, which is just under $ 5 billion that businesses lose each year due to this type of hacking. All that being said and now out of the way, it’s important to note that a large portion of losses may not involve direct cash withdrawal for a business, either. Much of this financial loss would have to do with reputational risk due to the fact that this is the sort of thing that could potentially cause consumers to lose trust in the organization that ended up being hacked and therefore would be reluctant to trust said companies with their valuable data.
Major data breaches and cyberattacks can cause stock prices to drop, and the affected company can take a long time to repair its reputation after the hack takes place. Over $ 6 billion in losses came from people’s credentials, such as the theft of their login credentials, making it the costliest form of data for a business to lose. If such major entities are unable to defend themselves against cyber attacks, it does not bode well for the common man who might not have major defenses.
Read more: This year, 64% more ransomware attacks were recorded