Cybercrime Losses Hit Record $16.6 Billion in 2024: How Your Business Can Stay Protected

Cybercrime is not slowing down—in fact, it’s accelerating. The FBI’s Internet Crime Complaint Center (IC3) recently released its 2024 Internet Crime Report, revealing that U.S. businesses and individuals reported a staggering $16.6 billion in losses last year, a 33% increase from 2023. With over 880,000 complaints filed, the report signals an urgent call for businesses to strengthen their cybersecurity posture.

What the FBI’s 2024 Report Tells Us

• The top three cybercrimes, by number of complaints reported by victims in 2024, were phishing/spoofing, extortion, and personal data breaches.
• As a group, people over the age of 60 suffered the most losses at nearly $5 billion and submitted the greatest number of complaints.

• Michigan ranked 14th nationwide for the number of reported cybercrime complaints.

• Cryptocurrency was the leading method cybercriminals use to steal funds, surpassing traditional wire transfers and credit card fraud.

What It Means for Your Business

The growing volume and sophistication of cyberthreats mean businesses of all sizes are vulnerable. Cybercrime can damage your operations, reputation, and bottom line. Even one successful attack could lead to devastating consequences without the right protection.

How Yeo & Yeo Technology Can Help

At Yeo & Yeo Technology, we partner with businesses to prevent these threats before they cause harm.

• Email Security: Our email protection solutions are built for your specific needs, with features like web filtering, cloud backup, and incident response technology.
• Security Awareness Training: Human error is still the #1 way hackers get in. Security awareness training helps educate your team on phishing, fraud, and evolving scams.
• Managed Cybersecurity Services: We proactively monitor, detect, and respond to threats 24/7 with tools aligned to today’s threat landscape.

Don’t Wait for a Breach

Cybercriminals aren’t slowing down. They’re refining their techniques and casting wider nets. Whether you’re a small business or a multi-site operation, you need more than antivirus software—you need a trusted partner.

Yeo & Yeo Technology delivers fully managed or co-managed cybersecurity services, IT support, and consulting to help protect what matters most. We tailor our solutions to your risk profile, industry, and goals so that you can focus on your business.

Source: https://www.fbi.gov/news/press-releases/fbi-releases-annual-internet-crime-report