Cybercrime may cause $27 billion worth of damage by 2025

Atlas VPN fears there will be estimated monetary losses of over $5 billion between now and the turn of the year – 45% up on 2019

Posted 30 April 2020 by Gary Flood

As if we don’t have enough on our plates already with the global economic hit of Covid-19, now we hear hackers are expected to wreak over $27 billion worth of further fiscal harm by 2025.

In 2019, authorities received a record-breaking 467,361 Internet-facilitated fraud complaints, with accumulated losses exceeding $3.5 billion. To put that in perspective, in 2014 hackers only stole $800 million or so from unsuspecting victims.

But there are fresh projections that this year alone, there will be a 45% increase in cybercrime damages in comparison to 2019, meaning estimated monetary losses will reach over $5 billion between now and the turn of the year.

The data’s been accumulated by Atlas VPN, which it says was set up to provide a high quality VPN (Virtual Private Network) service that helps individuals stay private and access all the content you want in the easiest way possible.

The company’s Chief Operating Officer, Rachel Welsh, says a big factor is the Lockdown.

“Due to the pandemic, people are stuck at home, surfing the Web, and working remotely,” she points out.

“We can [therefore] expect a record number of hacker attacks in 2020 since the pool for potential cybercrime victims has never been larger.”

Welsh also says that the latest cybercrime trends show that hackers are focusing on human layer errors more than ever.

Welsh’s team’s analysis shows that in 2019, the digital crimes that caused most financial damages were business email compromise (BEC), romance fraud, and spoofing. Out of these, BEC, which is primarily a business-related problem, accounted for over half of the losses in 2019, $1.77 billion.

To read the full report, head over to https://atlasvpn.com/blog/cybercrime-damages-to-reach-27-billion-by-2025-new-estimation-reveals/