Monetary damages caused by cyber crime are expected to reach more than USD 27 billion within the next five years, according to a recent Atlast VPN report. This translates to a staggering increase of 696% in damages between 2019 and 2025 as compared to the 338% increase between 2014 and 2019.
In 2019, accumulated losses from digital crimes exceeded USD 3.5 million, with fraud complaints reaching a record high of 467,361. According to the report, the crimes that caused the most significant financial damages were business email compromise (BEC), romance fraud, and spoofing. Of these, BEC accounted for over half of the losses at USD 1.77 billion.
Atlas VPN further projects a 45% increase in cyber crime damages in 2020, which will reach over USD 5 billion in losses. This comes on the heels of the recent coronavirus lockdown, which has seen a sharp increase in the number of potential victims.
To prevent cyber crimes, companies are looking to implement more extensive employee safety trainings, create a backup system security plan for passwords, hardwares, and to activate firewall (which is the first line of defense to keep out viruses or unknown sources from entering).