$45 BILLION was the cost of Cyber incidents in 2018!

12 July 2019 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Helpnetsecurity.com reported that the “financial impact of ransomware rose by 60%, losses from business email compromise (BEC) doubled, and cryptojacking incidents more than tripled, all despite the fact that overall breaches and exposed records were down in 2018.”  The July 11, 2019 report entitled “More than 2 million cyber incidents in 2018 created $45 billion in losses” included these comments from Jeff Wilbur (technical director of the Internet Society’s Online Trust Alliance (OTA)):

While it’s tempting to celebrate a decreasing number of breaches overall, the findings of our report are grim,…

The financial impact of cybercrime is up significantly and cyber criminals are becoming more skilled at profiting from their attacks.

So, while there may be fewer data breaches, the number of cyber incidents and their financial impact is far greater than we’ve seen in the past.

Unfortunately there are no surprises in this report!

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