Cyber incident, breach report shows uptick in cyber crime

A recently released Cyber Incident & Breach Trends Report reveals significant growth in cyber crime, which racked up  $45 billion in 2018, up tens of billions of dollars from the previous year. Internet Society’s Online Trust Alliance (OTA) compiled the report identifying trends through sources including the Federal Bureau of Investigation, Symantec, prominent cybercrime journal […]

2018 Incident Highlights based on various resources include:

  • 95% of breaches could have been prevented (ISOC)
  • 3.2% decrease in reported breach incidents (RBS)
  • 5 billion records exposed, a 35.9% decrease (RBS)
  • $8 billion financial impact of ransomware (CV)
  • 12% rise in business targeted ransomware (Symantec)
  • $12.5 billion in global EAC/BEC losses since 2013 (FBI)

According to an article in CPO Magazine, “One thing that all of this data on cyber attack trends suggests is that criminals are shifting from large-scale, indiscriminate attempts on lots of individuals to more focused attacks directed specifically at businesses that have significant resources. For example, businesses were targeted by ransomware 12% more frequently in 2018 and the losses to it shot up from about $2 billion to $8 billion in just one year.”

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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