Cybercrime is on the rise as hackers continue to steal data, disrupt business and cause harm online. The result is billions of dollars in losses, with the total annual loss in the US from cybercrime $4.2 billion in 2020 according to data released Tuesday from StockApp.com. That amounts to a 55% increase over the last two years.
Of that total, $1.8 billion, or 42%, came from business email compromises. The most common cybercrimes include phishing, non-payment scams and extortion, according to the data.
A Gallup poll published on March 22 found Americans view cyberterrorism as the top threat facing the country, surpassing nuclear weapons obtained by North Korea and Iran.
Last year, there were multiple security breaches resulting in millions of people’s data being compromised., Marriott saw 5.2 million customer accounts affected and and the breached thousands of organizations including federal agencies.