In 2023, the annual cost of cybercrime could reach $8 billion worldwide.
Cybersecurity experts have cautioned that 2023 may mark the beginning of a new era of worries about cybercrime, which are anticipated to increase significantly this year as new threats materialize more quickly than ever. John Wilson, a senior fellow in charge of threat research at Agari by Fortran and the head of the Agari Cyber Intelligence Division, wrote in Forbes last month that “various forces are driving the uptick in cyberattacks.” The conflict between Russia and Ukraine, as well as global poverty and food insecurity, are major causes.
Wilson’s caution comes as 2023 seems destined to break all previous records for cyberattacks. Cybersecurity Venture’s analysis indicates that by 2023, the annual cost of cybercrime could reach $8 trillion globally. According to figures from Security Intelligence, who predicted that U.S.-based financial institutions lost close to $1.2 billion in ransomware attacks alone in 2021, an increase of nearly 200% over the previous year, that figure may even be an underestimation of the problem. If that rate continues to rise at the same rate, cybercrime losses worldwide could reach $16 trillion in 2023.
20 MILLION AMERICANS COULD BE AFFECTED BY A CYBER ATTACK ON A MAJOR HOSPITAL SYSTEM.
Cybercriminals have used new technologies and uncovered security flaws to target everyone from small businesses to private citizens, so financial institutions aren’t their only target.
Here are five cybercrimes to watch out for this year, with those crimes predicted to spike in 2023.
1. Your personal data may be compromised when scanning QR codes.
In recent years, QR codes—which are used to quickly transmit data like shipping information or a restaurant’s menu—have become a common sight for smartphone users.
Experts are cautioning that malicious QR codes are becoming more prevalent, potentially exposing users to risky websites that could download their personal information or allow hackers to track their every move via geolocation-enabled apps. An FBI warning on the growing threat states, “Cybercriminals tamper with both digital and physical QR codes to replace legitimate codes with malicious codes.”
PRO-RUSSIAN HACKERS CLAIM CYBERATTACK ON FBI WEBSITE
The FBI claims that the malicious codes could prompt users to enter login or financial information on a fake website or application, enabling the attacker to quickly steal money.
The warning states that malicious QR codes might also have embedded malware, which would give thieves access to the victim’s mobile device and the ability to steal both the victim’s location and personal and financial data. “The hacker can use the financial data they’ve stolen to withdraw money from victim accounts.”
The FBI warns smartphone users to never download an application when prompted to do so after scanning a QR code in order to avoid becoming a victim. The agency advises avoiding opening links that a QR code scan prompts you to open and only using the built-in QR code scanning feature of your smartphone rather than using any third-party applications.
2. Threat from ransomware is anticipated to increase.
Nearly as old as the internet itself, ransomware attacks threaten to compromise a user’s personal data or prevent access to it unless a ransom is paid. However, experts caution that due to cybercriminals’ adaptation to the tools people have relied on to keep their information safe, the outdated strategy is anticipated to pose a greater threat in 2023.
In its 2022 Cyberthreats report, the cybersecurity firm Acronis, based in Switzerland, issued a dire warning: “Ransomware is worsening, even more so than we predicted.”
RUSSIAN CYBERCRIMINALS ACCUSED OF HACKING AUSTRALIA’S LARGEST HEALTH INSURER
The report painted a grim picture for 2023, estimating that global ransomware damages will exceed $30 billion. Meanwhile, a Cybereason report this year found that roughly 73% of organizations were the target of at least one ransomware attack in 2022, up from 55% in 2021.
“Increasing complexity in IT continues to lead to breaches and compromises highlighting the need for more holistic approaches to cyber-protection,” the Acronis report said. “The current cybersecurity threat landscape requires a multi-layered solution that combines anti-malware, EDR, DLP, email security, vulnerability assessment, patch management, RMM, and backup capabilities all in one place.”
3. Supply chains that are weak could be targeted by hackers
Global supply chains that were severely hampered by the COVID-19 pandemic have been making slow progress toward recovery, but 2023 will put them to the test once more as cybercriminals try to exploit their weakness.
Four out of every five organizations experienced threats to their software supply chain over the course of the previous year, according to a BlackBerry analysis. According to BlackBerry, the effects of these vulnerabilities resulted in significant costs for these organizations, with 58% of them experiencing operational disruptions and data loss, 55% experiencing intellectual property loss, and 49% experiencing financial loss.
2022’S WEAKEST PASSWORDS
According to Christine Gadsby, vice president of product security at BlackBerry, this issue will not go away any time soon, so businesses should be vigilant about maintaining their own cybersecurity. “Unknown components and a lack of visibility on the software supply chain introduce blind spots containing potential vulnerabilities that can wreak havoc across not just one enterprise, but several,” Gadsby said. “These vulnerabilities can result in loss of data and intellectual property, operational downtime, along with financial and reputational impact.” “Companies must rely on more than just trust in how they monitor and manage cybersecurity in their software supply chain.”
4. Attacks by cybercriminals against electric vehicles will rise.
Since electric vehicles have started to become more commonplace over the past few years, there has been a surge in the EV industry due to environmentalists’ efforts to reduce emissions by switching to them. The display, navigation, climate control, and even autonomous driving features of many vehicles, however, contain technology that is open to attack by cybercriminals.
THESE 3 MAJOR MISTAKES CAN ALLOW SCAMMERS TO ACCESS YOUR BANK ACCOUNTS
According to Steve McEvoy, vice president for automotive at Expleo, “new cars and electric vehicles are also at higher risk of cybersecurity attacks with they are more connected and automated than ever before.” “EV vehicles do not need to be inherently more dangerous than a modern ICE vehicle; it’s just that an EV vehicle will naturally use the most advanced electrical architecture, including all types of connectivity, to maximize performance, which by its very nature can increase risk.”
5. The power grid may move to the forefront of cyberterrorism.
Attacks on the country’s delicate electric grid could soon cause blackouts, and fuel shortages, and hinder the production of energy. Attacks on a nation’s power infrastructure can be extremely dangerous, as demonstrated by Russia’s ongoing invasion of Ukraine, which has left the country’s civilian population in the dark and the cold as a result of bitter winter weather. The U.S. electrical grid is becoming more open to attacks, whether they come from a cyber threat from a state actor like Russia or an international terrorist organization, experts have warned for years.
Digital Threat
The public’s safety as well as our country’s and economy’s security are at risk from malicious online activity. The FBI’s cyber strategy involves putting its adversaries at risk and dealing with the repercussions. Our objective is to alter the actions of criminals and nation-states that think they can infiltrate American networks, steal money and intellectual property, and endanger vital infrastructure without taking any risks themselves. To do this, we use a special combination of our partnerships, capabilities, and powers to impose penalties on our cyber adversaries.
The primary federal agency in charge of looking into cyberattacks and intrusions is the FBI. We gather information, share it, interact with victims, and work to expose anyone engaging in harmful online activity, no matter where they are.
A Multifaceted, Global Issue
Our enemies try to take advantage of weaknesses in our networks for information security and intelligence. The FBI is dedicated to bridging those gaps through collaboration with our federal counterparts, our international allies, and the private sector. These alliances give us the ability to protect networks, identify malicious activity, deter bad behavior, and confront our enemies abroad. The FBI promotes this teamwork through special hubs where the public sector, private sector, and academic institutions build long-lasting, reliable relationships in order to work together to combat cyber threats.
The National Cyber Investigative Joint Task Force is the center for that within the government (NCIJTF). This task force, which consists of more than 30 co-located law enforcement and intelligence agencies, is headed by the FBI. The NCIJTF is structured around mission centers according to important
The National Cyber Investigative Joint Task Force is the center for that within the government (NCIJTF). This task force, which consists of more than 30 co-located law enforcement and intelligence agencies, is headed by the FBI. The NCIJTF is run by senior executives from partner agencies and is structured around mission centers based on significant cyber threat areas. These mission centers integrate operations and intelligence for maximum effect against American foes. In a connected digital world, we can only achieve safety, security, and confidence by working together.
What FBI does?
The FBI continues to change in response to the challenges posed by the evolving cyber threat, whether through the development of cutting-edge investigative techniques, the use of cutting-edge analytic tools, or the formation of new partnerships in our communities. Each of the FBI’s 56 field offices is home to a specially trained cyber squad that collaborates closely with other members of interagency task forces.
To respond to major incidents, the rapid-response Cyber Action Team can be deployed across the nation in a matter of hours.
The FBI collaborates closely with our international counterparts to pursue justice for those who have been the victims of malicious cyber activity and has cyber assistant legal attachés in embassies around the world. Public complaints about Internet crime are gathered by the Internet Crime Complaint Center (IC3).
The Recovery Asset Team of the IC3 has helped victims of cybercrime by helping to freeze hundreds of thousands of dollars using such complaints. The FBI’s 24/7 operations center and watch floor is called CyWatch, and it offers support around-the-clock to track incidents and communicate with field offices across the nation.
A Multifaceted, Global Issue
Our enemies try to take advantage of weaknesses in our networks for information security and intelligence. The FBI is dedicated to bridging those gaps through collaboration with our federal counterparts, our international allies, and the private sector. These alliances give us the ability to protect networks, identify malicious activity, deter bad behavior, and confront our enemies abroad. The FBI promotes this teamwork through special hubs where the public sector, private sector, and academic institutions build long-lasting, reliable relationships in order to work together to combat cyber threats.
The National Cyber Investigative Joint Task Force is the center for that within the government (NCIJTF). This task force, which consists of more than 30 co-located law enforcement and intelligence agencies, is headed by the FBI.
This task force, which consists of more than 30 co-located law enforcement and intelligence agencies, is headed by the FBI. The NCIJTF is run by senior executives from partner agencies and is structured around mission centers based on significant cyber threat areas. These mission centers integrate operations and intelligence for maximum effect against American foes.
In a connected digital world, we can only achieve safety, security, and confidence by working together. The FBI continues to change in response to the challenges posed by the evolving cyber threat, whether through the development of cutting-edge investigative techniques, the use of cutting-edge analytic tools, or the formation of new partnerships in our communities.
Each of the FBI’s 56 field offices is home to a specially trained cyber squad that collaborates closely with other members of interagency task forces. To respond to major incidents, the rapid-response Cyber Action Team can be deployed across the nation in a matter of hours.
The FBI collaborates closely with our international counterparts to pursue justice for those who have been the victims of malicious cyber activity and has cyber assistant legal attachés in embassies around the world.
Public complaints about Internet crime are gathered by the Internet Crime Complaint Center (IC3). The Recovery Asset Team of the IC3 has helped victims of cybercrime by helping to freeze hundreds of thousands of dollars using such complaints.
The FBI’s 24/7 operations center and watch floor is called CyWatch, and it offers support around-the-clock to track incidents and communicate with field offices across the nation.