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: The total annual loss in the US from cybercrime reached $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, nonpayment scams and extortion, according to the data.
Last year, multiple security breaches resulted in the compromise of millions of people’s data.reported 10.7 million guests’ data stolen, saw 5.2 million customer accounts affected and the breached thousands of organizations including federal agencies.
Meanwhile, a Gallup poll published on March 22 found that Americans view cyberterrorism as the top threat facing the country, surpassing nuclear weapons developed by North Korea and Iran.