According to data presented by Stock Apps, the total annual loss of cybercrime in the United States hit $4.2bn in 2020, a 55% increase in two years. Cybercrime includes damage and destruction of data, stolen money, theft of intellectual property, personal and financial data, post-attack disruption to the normal course of business, restoration of hacked data and systems, and reputational harm.
Coronavirus effect on scams
In 2015, the total financial damage caused by cybercrimes in the United States hit $1bn for the first time, but that was just the start of its massive growth. By 2019, this figure tripled and hit $3.5bn. Last year, almost 792,000 complaints were logged by the FBI’s Internet Crime Complaint Center (IC3), with total losses jumping by 20% year-over-year to $4.2bn.
In the US, statistics show phishing attacks, non-payment scams, and extortion were the most frequent internet crimes. However, business email compromise schemes were the costliest cybercrimes, causing $1.8bn or 42% of total losses last year. The IC3 report indicates that last year more than 28,500 received complaints related to COVID-19 scams, and most of them aimed at the Coronavirus Aid, Relief and Economic Security Act. Many Americans were also scammed to provide personal information in exchange for vaccination appointments.
Cyberterrorism is the top threat
According to a Gallup survey, cyberterrorism is viewed as the top threat by Americans. More than 80% of respondents named it the most critical threat the country will face over the next decade.