In the News
Cybercrime is more costly than you may believe. In Cybercrime Pulls in $1m Every Minute from Infosecurity Magazine, Dan Raywood discusses the rates of cybercrime and the resulting financial losses. Raywood states that almost 2,000 individuals become victims of online phishing, fraud, or scams. If this fact is not alarming enough, Raywood also claims that about $1 million dollars is lost to cybercrime every minute, far more than the $171,233 spent by cybersecurity teams. Despite the staggering financial statistics, people still put off adding security to their own devices and networks.
Our Take
Nobody believes that online scams or identity theft will affect them–we are too smart to fall for those attempts, right? Well, the numbers do not lie, and if 2,000 people are victims every minute, which makes it all the more likely that it can happen to you or someone you know. The dissociation between ourselves as an individual and large-scale events and statistics that have yet to impact us is problematic. There is minimal consumer pressure for companies to increase their cybersecurity measures and little widespread knowledge about the reality of falling prey to cyber-crime. Whether you are an individual or a company, cybercrime may financially impact you and it is key to protect yourself as best you can.
Recommendations
So how can you protect yourself from cyber-crime?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Research the security measures of companies and platforms before creating an account
- Track your finances closely to spot unfamiliar activity before it becomes harmful
- Stay up to date on news regarding recent fraud and phishing attacks to see if you may have been affected
- Add security safeguards, such as multi-factor authentication and alerting, to accounts as necessary to prevent fraudulent transactions from occurring.