FBI: $3.5B Lost to Cybercrime in 2019, Led by Business Email Compromise

What is it: Cybercriminals are rapidly improving the sophistication of their attacks. The FBI estimates $3.5 billion was lost to cybercriminals last year; business email compromise caused the most damage.​

Why is it important: Email continues to be a common entry point, but these fraud attempts are also being launched through text messages or even fake websites. Regarding the losses estimate, this number does not include estimates of lost business, time, wages, files, or equipment, or any third-party remediation services acquired by a victim. In some cases, victims do not report any loss amount to the FBI, thereby creating an artificially low overall ransomware loss rate. Protect your business and call us about how to get started with managed IT services.