cybercrime Archives

Cybercrime Stats and Why You’re at Risk

It’s no secret that the internet is changing the way society interacts. This goes from social media affecting our relationships and the way we view each other, to the rising rates of cybercrime on the web.

a man with a suit and tie with his finger choosing a one star review. — *The damage an act of cyber theft can leave on your business is crippling, it can also ruin your reputation.*

The damage an act of cyber theft can leave on your business is crippling. Not only can it leave you feeling violated, scared, and confused, it can also ruin your reputation for safety amongst your customers–one fatal mistake for any small business. It’s already hard enough to survive in the current corporate atmosphere.

The first step is to be aware of the risks. The next one is to learn how to protect yourself.

Cybercrime Stats

First, let’s take a look at what constitutes cybercrime:

Selling illegal items online
Human trafficking
Identity theft
Malware/Ransomware
Privacy violations
Digital currency scams

The sad fact that combined, all of these contributed to over $1 trillion in profits for cybercriminals across their industries, and that number is still growing. Things seem bad now, but what does the future hold if these crimes continue to rise? To put things into perspective, most countries fall below the trillion-dollar mark–so cybercrime could be considered its own nation on profits alone.

Social media is the biggest channel criminals use to engage with people outside of the dark web. While sites like Facebook do invest money in protecting people’s private information, most people readily volunteer this info on their public pages. A criminal simply has to look at a profile to see things like where you’re checking in, what current interests you have, and even job history or address. To put things into perspective:

Social engineering is more useful the more information you have about someone.
Cybercrime tools are widely available for purchase.
Social media fraud attacks on the rise, up to 43% since 2018.

This provokes the question of how much balance can someone maintain. While these numbers are dire, there’s no getting around using social media for marketing.

It seems like no one is safe, but small business owners have a lot more to lose. 85% of phishing or social engineering attacks were reported by organizations in 2019, and that’s just the reported ones. We can’t even begin to estimate how many are in the private sector as some could be so subtle, they’re either ignored or outright passed over.

Person sitting at a laptop with a dark hood on, with a question mark over the face. — *If you’re in the professional services industry, such as any business needing a license to operate, then you’re most at risk for these attacks.*

For any company, malware is going to be your biggest threat. In 2018, malware cost companies upwards for $2 million, growing over 10% from the previous year.

If you’re in the professional services industry, such as any business needing a license to operate, then you’re most at risk for these attacks. This is because your industry type often has a wealth of private data for your clients, and yet most go with little to no protection.

Finally, the costs of cybercrime are intense. Top companies pay an average of $25 a minute to keep themselves protected, altogether, the costs can soar to around $3 million. That’s an incredible sum just considering it’s to protect against a criminal industry that’s making a hundred times more.

What Is the Best Way to Protect Yourself?

Odds are, you might have fallen victim to some form of cybercrime in the past. If you’re currently suffering, we have a guide here to help you out.

If you’re lucky enough to still be on the other side, then the best thing to do is join the industry with coverage, malware protection, and simple scam awareness.

lock with chaines that are black with the words "data protection" on the lock. — *The best way to protect yourself is with cyber liabilty coverage which offers malware protection, and simple scam awareness.*

Cyber liability insurance is designed for just these types of situations. With this policy, you’ll have coverage for:

Lost or damaged electronic data
Computer operations Interruption
Privacy & Notification to customers and other affected parties
Some may offer protection from lawsuits

This is your first line of defense, besides that, keep up to date with current protective software, and if something seems too good to be true from an email, it probably is.

EZ.Insure is there to make sure you’re not alone in protecting your business. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

What to Do After Cybercrime

Cybercrime is any crime committed on the internet or using a computer. The definition extends to stolen personal data, credit card fraud, and other forms of identity theft or scams. With our economy becoming increasingly dependent upon technology, it stands to reason that the percentage of cybercrime would also increase. In 2019, it is theorized that around $1.5 trillion dollars are spent by people trying to protect themselves from cybercrime.

computer with hand in the dark with lit up keyboard — *We rely on computers for everything now, so we must also be wary of cybercrime.*

Besides the money involved, cybercrime statistics have only risen in recent years. About 1 in 4 Americans are affected by cybercrime each year, mostly from their data being leaked from breaches in large companies. With fraud, over half of Americans are either at risk or are already victims. The damage from online fraud for an individual is usually the exposure of personal info. This means that things like your name, address, social security number, credit card information, and more are posted online for others to take and use, but it can get much worse if a business’s information is exposed.

So what are you supposed to do after a cybercrime happens to your business?

File a Cybercrime Report

Like a physical crime, the first thing you should do is file a report with the police. With our assets digitized, computer crimes can be more devastating. Unfortunately, you may not know anything about the thief or any helpful information, but you need to file the report anyway. The report does two things: it declares your innocence, and it puts a formal start to the investigation. When it comes to stolen money, your financial institution will want to see the police report.

You will want to have confirmation of your identity on hand when you file. This will include a government-issued ID, proof of address such as a bill, and one other document. This last one may be another notice with your name and address on it.

Protect Yourself

close up of a mac keyboard — *You have to take steps to protect yourself in the cyber world. This can be done on your laptop or phone.*

Some people use password storage apps, others use one password for everything. No matter which person you are, a full overhaul of your security should take place after a cybercrime occurs. If there was one breach, there may be more in the future, so take care to change all the passwords you have for any sensitive account. This can include financial accounts you have open or even your online photo books. Everything should be changed for security.

Another step would be to add malware protection to your computer and run the program. The criminal activity may have come from outside, but it is still good practice to maintain a clean work computer.

The last step should be to update all of your browsers, operating systems, and protective services. They should be at the latest versions so you have the maximum protection.

Moving Forward After Cybercrime

Any crime can put you in a bad spot, but you shouldn’t let it get you down. These things can happen to anyone, from a CEO to a janitor. You may be worried about your company when these things happen, but fortunately, there are steps you can take afterward that can prevent you from falling victim to cybercrime again.

green data for a computer on a screen — *Data is transferred every moment of the day. How much of it could be yours?*

If you have not done so already, consider adding Cyber Liability to your coverage. It’s a foolproof way to contend with the increasing cybercrime rates. You do not want to find yourself in this mess without some backup at your side.

With cyber liability insurance, you have an agent to help you get everything done the right way. Along with someone to help you, cyber insurance will cover the costs associated with cybercrime such as legal fees. If you fear a loss in reputation because your business needs to recover from the cybercrime, this insurance also alleviates the time spent rebuilding assets and acquiring more protection, so you can get back on your feet.

That’s all you need when unfortunate events happen.

EZ.Insure is there to make sure you’re not alone. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.