Despite many companies' best efforts to combat cybercrime, it persists and is increasingly costly. Some estimates show cybercrimes could cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. With more Americans online than ever before because of COVID-19, cases have surged 300 percent, according to the FBI’s Cyber Division. It now receives between 3,000 and 4,000 cybersecurity complaints daily -- up from 1,000 per day before the pandemic.
The reason for the rise? As enterprise security moves into the home, hackers are exploiting weaknesses for big profits. Financial gain is the key driver for cybercrime with nearly nine in 10 (86%) breaches being financially-driven. Most of them (70%) are caused by external bad actors who steal credentials and use techniques like phishing to compromise businesses and individuals alike.