Avast Blog_Security News: FBI reports cost of cybercrime doubled to $2.7B in 2018

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This week the FBI reported the cost of cybercrime nearly doubled last year, while new research shows millennials take more security risks in the workplace.

The cost of cybercrimes reported to the FBI nearly doubled last year to $2.7 billion, according to a new report from the bureau’s Internet Crime Complaint Center (IC3).

In its annual Internet Crime Report, the FBI reports the IC3 received 351,936 complaints in 2018 – an average of more than 900 every day. But reports have increased gradually, climbing 17% from 2017. The cost of the crimes shot up 93%, from $1.4 billion in 2017.

The IC3 reports most of the complaints were about “non-payment/non-delivery scams, extortion, and personal data breaches,” with the greatest financial losses caused by investment scams, business email compromise, and romance or confidence fraud. Donna Gregory, Unit Chief at IC3, points out that the data reveals “a victim can be anyone who uses a connected device,” but the highest concentration of victims belonged to the over-50 set.

A bit of good news in the report is the mention of the newly formed Recovery Asset Team, a branch of the IC3 assembled in February 2018. The team has had great success particularly in the recovery of funds lost to business email compromises that led to fraudulent wire transfers or gift card purchases. Since the team’s inception, it’s been able to recover over $192M in stolen funds — 75% of the money lost to 2018 cybercrimes.

The FBI notes in the report that “The most important prevention tips include keeping hardware and software updated and protected by antivirus programs and strong passwords.”

Millennial workers admit to security risks

Millennial workers are three times more likely than baby boomers to download sensitive company info and share company credit card or password info over chat apps, according to a new report on office workers and cybersecurity.

The report, published this week by cloud-based collaboration platform Symphony Communication Services, shared results of a recent survey that polled 1,569 office workers – half of them in the UK, half in the US. The survey measured the growth of collaboration platforms (Symphony, Slack, Skype, etc.) in the workplace as well as employees’ general attitudes towards them. The data revealed an unexpected insight: a shockingly casual attitude toward company security.

Among the eye-opening facts:

* Twenty-seven percent of employees admit they do not know their employers’ IT guidelines
* One in four admit to using their personal email to conduct business
* One in three admit to using their personal devices for work

The report shows millennial workers are the age group least worried about company security. Compared with baby boomers, millennials are twice as likely to use a communication app not approved by IT, share confidential information over a chat app, talk badly about their boss over a chat app, and gossip about coworkers.

An Avast expert says this human factor can be the most vulnerable spot in a company’s cybersecurity. “The vast majority of data breaches that take place in businesses start in the weakest link of the chain, the employees,” says Luis Corrons, an Avast security evangelist. “Cybercriminals are aware of this and take advantage of the weaknesses in place, such as people ignoring security practices or using non-secure devices. Employers have to take this knowledge into the equation in order to secure their systems.”

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