How Auditors Assess Cyber Risks

Internet Crime Complaints Soar in 2020


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In 2020, while the American public was focused on protecting our families from a global pandemic and helping others in need, cybercriminals took advantage of an opportunity to profit from our dependence on technology. These criminals used phishing, spoofing, extortion and various types of Internet-enabled fraud to target individuals and businesses.

According to The Federal Bureau of Investigations’ Internet Crime Report, internet crime complaints reached 791,790, with reported losses exceeding $4.1 billion in 2020. Of those attacks, approximately 35,439 originated on social media, with adjusted losses of over $155 million.

Some of the most prevalent attacks included:

  • Phishing, vishing, smishing and pharming, with 241,342 complaints reported and adjusted losses of $54 million.
  • Business email and email account compromise with 19,369 complaints reported and adjusted losses of $1.8 billion.
  • Ransomware with 2,474 complaints reported and adjusted losses of $29.1 million.

“Unfortunately, cybercriminals are very opportunistic,” said FBI Section Chief Steven Merrill. “They see a vulnerable population out there that they can prey upon.”

To protect your businesses’ data, cybersecurity should always be top of mind. We encourage you to take extreme caution, especially when it comes to offers that are too good to be true. Always think before you click and, if you have doubts, verify the sender of an email.

Looking to boost your data protection? Contact Yeo & Yeo Technology to learn about our cybersecurity solutions.

Source: The Federal Bureau of Investigations’ 2020 Internet Crime Report

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