{"id":1109,"date":"2018-02-21T16:21:50","date_gmt":"2018-02-21T20:21:50","guid":{"rendered":"https:\/\/solutionsreview.com\/endpoint-security\/?p=1109"},"modified":"2019-06-24T14:36:43","modified_gmt":"2019-06-24T18:36:43","slug":"key-findings-economic-impact-cybercrime-report","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/endpoint-security\/key-findings-economic-impact-cybercrime-report\/","title":{"rendered":"Key Findings From &#8220;The Economic Impact of Cybercrime&#8221; Report"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1110\" src=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod.jpg\" alt=\"McAfee cybercrime report\" width=\"800\" height=\"400\" srcset=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod.jpg 800w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod-300x150.jpg 300w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod-768x384.jpg 768w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod-540x270.jpg 540w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod-162x81.jpg 162w, https:\/\/solutionsreview.com\/endpoint-security\/files\/2018\/02\/cybercrime-mod-360x180.jpg 360w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Today endpoint security solution provider McAfee, in collaboration with the Center for Strategic and International Studies (CSIS), released their global study on the financial consequences of cybercrime: \u201cEconomic Impact of Cybercrime\u2014No Slowing Down.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"widget\"><div class=\"aside-card\">\t\t\t<div class=\"textwidget\"><p><a class=\"#\" href=\"https:\/\/solutionsreview.com\/endpoint-security\/free-endpoint-protection-buyers-guide\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1682\" src=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/01\/endpoint-security-speedbump-cta.jpg\" alt=\"Download Link to Endpoint Security Buyer's Guide\" width=\"800\" height=\"225\" \/><\/a><\/p>\n<\/div>\n\t\t<\/div><\/div><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The report is a comprehensive look at the total losses hackers inflict on the world. By McAfee\u2019s current estimation, that total loss is $600 billion\u2014a significant jump from a 2014 study that estimated cybercrime losses at $445 billion. Cybercrime no constitutes a .059% to .8% loss of global GDP; in North America those losses constitute 0.69% to 0.87% <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">In a statement, McAfee\u2019s Chief Technology Officer Steve Grobman said \u201cThe digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute. Consider the use of ransomware, where criminals can outsource much of their work to skilled contractors. Ransomware-as-a-service cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement.\u201d<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The key findings of McAfee\u2019s report include:<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Banks remain the favorite target of cybercriminals, continuing a decade-long trend. <\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A quarter of losses to cybercrime stem from theft of intellectual property or vital enterprise data. <\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The estimated cost of the average data breach is $3.6 million, but the damage to a brand\u2019s reputation may be far more extensive and lasting. <\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Only a projected 13% of cybercrime is reported; the totals given here may in reality be much higher.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">High-end hackers are growing increasingly sophisticated, mimicking their innovations to match their enterprise targets; including cloud computing and AI. <\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Hacking as a service, <a href=\"https:\/\/solutionsreview.com\/endpoint-security\/3-things-know-digital-extortion\/\" target=\"_blank\" rel=\"noopener noreferrer\">ransomware-as-a-service<\/a>, and ransomware kits all speak to the increasing professionalization and organization of cybercrime threat actors. \u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to the report, cybercrime is the third most lucrative criminal enterprise in the world behind government corruption and narcotics trafficking. They note, however, that no other criminal endeavor can match cybercrime\u2019s relative ease, its ability to strike multiple targets at once, or its anonymity. \u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Indeed, most hackers operate outside the reach of their target\u2019s law enforcement agencies. Combined with anonymizing software and services, it is no wonder that so many hackers go unpunished. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">But it may not even be relevant, as the report finds that the most dangerous cybercrime actors aren\u2019t individuals but nation-states. James Lewis, senior vice president at CSIS, said in his own statement: \u201cOur research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for western law enforcement. <a href=\"https:\/\/solutionsreview.com\/security-information-event-management\/3-ways-north-korean-digital-crimewave-affects-enterprise\/\" target=\"_blank\" rel=\"noopener noreferrer\">North Korea<\/a> is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we\u2019re now seeing an expanding number of cybercrime centers, including not only North Korea but also Brazil, India and Vietnam.\u201d \u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">McAfee\u2019s report paints a grim picture: cybercrime will only continue to rise in both severity and in proliferation. The ease of attacking the <a href=\"https:\/\/solutionsreview.com\/endpoint-security\/3-best-ways-secure-corporate-iot-devices\/\" target=\"_blank\" rel=\"noopener noreferrer\">incredibly vulnerable internet of things<\/a> and more sophisticated tools for creating malware such as AI are creating opportunities hackers can\u2019t pass up. And if the research proves anything, it\u2019s that they won\u2019t.<\/span><\/p>\n<p>You can read the full report <a href=\"https:\/\/www.mcafee.com\/us\/resources\/reports\/restricted\/economic-impact-cybercrime.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here.<\/a><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"widget\"><div class=\"aside-card\">\t\t\t<div class=\"textwidget\"><p><a class=\"#\" href=\"https:\/\/solutionsreview.com\/endpoint-security\/free-endpoint-protection-buyers-guide\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1682\" src=\"https:\/\/solutionsreview.com\/endpoint-security\/files\/2019\/01\/endpoint-security-speedbump-cta.jpg\" alt=\"Download Link to Endpoint Security Buyer's Guide\" width=\"800\" height=\"225\" \/><\/a><\/p>\n<\/div>\n\t\t<\/div><\/div><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today endpoint security solution provider McAfee, in collaboration with the Center for Strategic and International Studies (CSIS), released their global study on the financial consequences of cybercrime: \u201cEconomic Impact of Cybercrime\u2014No Slowing Down.\u201d The report is a comprehensive look at the total losses hackers inflict on the world. By McAfee\u2019s current estimation, that total loss [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":1110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[331,75,30,161,50,23,16,17],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Findings From &quot;The Economic Impact of Cybercrime&quot; Report<\/title>\n<meta name=\"description\" content=\"McAfee, in collaboration with the CSIS released their global study on the financial consequences of cybercrime: &quot;Economic Impact of Cybercrime&quot;\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/endpoint-security\/key-findings-economic-impact-cybercrime-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Findings From &quot;The Economic Impact of Cybercrime&quot; 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