Broker Check

We're Not Doing Enough to Combat Cyber Crime

March 11, 2020

Cyber Security Intelligence reports that cyber crime makes up 50% of all fraud crime (75% in the United Kingdom). The FBI's Internet Crime Complaint Center reports cyber crime totaled $3.5 billion in 2019, with 467,361 complaints. The FBI is thought to underestimate the extent of cyber crime, so the numbers could be much higher.

While cyber crime is growing, only one in eight cases is investigated. Only three in 1,000 cyber crimes are prosecuted (possibly only three in 100,000 if under-reporting is as widespread as some think).

What is the reason for this disconnect? According to U.S. government policy adviser Mieke Eoyang, city and state police lack the skills to pursue online crimes, and specialized units are undermanned and overworked. Cyber crimes are too big for local law enforcement, and not big enough for national attention.

The solution is to train local police in basic cyber skills, and put more time and money into detecting and prosecuting cyber crime.

As with any crime risk, prevention is the best policy. Make sure computer users are trained to spot suspicious emails and secure their passwords.Limit employee access to what they need in their jobs. Don't be a target.

For advice on how to best prepare your business for the eminent threats of cyber crime reach out to one of our cyber security experts below: