Ransomware scum and other crims bilked victims out of a ‘staggering’ $16.6B last year, says FBI
Summary
The FBI has reported that cybercrime, particularly ransomware and extortion schemes, cost Americans a shocking $16.6 billion in 2024. This marks the highest loss recorded in 25 years of tracking by the FBI’s Internet Crime Complaint Center (IC3). Ransomware attacks remain the predominant threat against the country’s critical infrastructure, with a notable increase in reported incidents.
Despite aggressive law enforcement actions against major ransomware groups, including the infamous LockBit, the cybercriminal landscape continues to flourish. Phishing remains the most reported type of cybercrime, highlighting the multifaceted challenges individuals and organisations face in cybersecurity.
Key Points
- The FBI recorded total cybercrime losses of $16.6 billion in 2024, a record high.
- Ransomware remains the top threat to critical infrastructure, with a 9% increase in complaints from 2023.
- LockBit was ranked as the most active ransomware group, followed by several new variants.
- Reported ransomware losses for 2024 were $12.5 million, a significant drop from $59.6 billion in 2023.
- Only around 3,156 ransomware incidents were reported, suggesting underreporting of actual losses.
Why should I read this?
If you’re involved in any way with IT or security, this is an absolute must-read. The staggering amounts lost to cybercrime last year should have you on high alert. Understanding the current landscape not only saves money but potentially saves your organisation from becoming the next victim. We’ve cut through the noise for you—so dive in and stay informed!