The 2024 FBI Internet Crime Report has revealed some frightening new trends and statistics that should have every business pausing to consider the state of their organization’s email security. Losses due to cybercrime have reached an all-time high of $12.5 billion, up 21.4% from the prior year.1 And, as predicted, phishing attacks, malware, ransomware, and business email compromise continue their reign as the most significant threats facing us today.
As a Managed Service Provider (MSP) you’re likely either already handling email security for your customers or in the process of educating customers about their vulnerabilities. Either way, this year’s Internet Crime Report has some facts worth sharing.
5 Take-Aways from the FBI’s 2023 Internet Crime Report
- Phishing attacks continue to be the most frequently reported type of threat, accounting for a staggering 30% of all cybercrimes reported to the FBI in 2023. While the report includes separate threat categories that are often initiated by phishing emails (ex. Business Email Compromise, ransomware, and data breaches) the per incident cost of phishing attacks decreased in 2023.
- The costliest scheme reported to the IC3 was investment fraud – coming in at $4.57 billion in losses. While individuals are targeted more often than companies, it’s important to know that cryptocurrency is often involved and many of these scams start with a phishing email or hacked social media account.
- Business Email Compromise (BEC) losses were the second highest, totaling more than $2.9 billion. According to the FBI, these BEC schemes historically involved compromised vendor emails, requests for W-2 information, targeting of the real estate sector, and fraudulent requests for large amounts of gift cards. The FBI emphasizes the need for additional layers of security to combat BEC.
- The average loss due to a ransomware attack was $21,097. While all industries are vulnerable to ransomware attacks, 42% belonged to a critical infrastructure sector. The most heavily hit were Healthcare/Public Health, Critical Manufacturing, Government Facilities, Information Technology, and Financial Services.
- Data breaches accounted for more than $534 billion in losses in 2024. The number of FBI reported data breaches has been rising steadily over the past three years, with numbers almost tripling since 2021.
Artificial Intelligence (AI) and Its Role in Fighting Phishers
When it comes to email phishing, Artificial Intelligence (AI) was a big focus in 2023, though it has proven to be a bit of a double-edged sword. Bad actors can use AI to their advantage, developing high-quality phishing emails, writing code, converting code from one programming language to another, and even crafting sophisticated malware containing no malicious code.
On the other hand, AI is also an important tool to be used against cybercriminals. AI can be used to detect and respond to cyber threats in real time and can help businesses stay ahead of the curve in the ever-changing landscape of cybercrime.
INKY Helps You Fight Phishing, BEC, Ransomware, and More
The FBI is committed to “fostering greater security in a digitally connected world.” INKY is too. In fact, it’s why INKY came to be…to protect the security of email and use our expertise to make a difference. If you’re also looking to make a difference, you should get to know INKY.
While some email security companies are just getting to understand AI, INKY has been successfully leveraging the technology for years in order to keep companies secure. We offer a suite of products designed to combat phishing, educate employees, and ultimately keep companies safe. On top of that, we’re purpose-built for MSPs. That means MSPs are central to our business, and we are committed to helping each partner generate revenue and grow their business.
If you’re not working with INKY, please take a minute to set up a free demonstration to learn how INKY’s email security can keep you and your customers safe from phishing attacks, data breaches, ransomware, and more. Schedule a free demonstration or become a partner today.
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INKY is an award-winning, behavioral email security platform that blocks phishing threats, prevents data leaks, and coaches users to make smart decisions. Like a cybersecurity coach, INKY signals suspicious behaviors with interactive email banners that guide users to take safe action on any device or email client. IT teams don’t face the burden of filtering every email themselves or maintaining multiple systems. Through powerful technology and intuitive user engagement, INKY keeps phishers out for good. Learn why so many companies trust the security of their email to INKY. Request an online demonstration today.
1Source: https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf