OTA reports cyber incidents cost $45B in 2018

The data shows that cybercriminals are getting better at monetizing their activities, with OTA estimating the more than 2 million cyber incidents in 2018 resulted in over $45 billion in losses, with the actual numbers expected to be much higher as many cyber incidents are never reported. “The financial impact of cybercrime is up significantly and cyber criminals are becoming more skilled at profiting from their attacks. So, while there may be fewer data breaches, the number of cyber incidents and their financial impact is far greater than we’ve seen in the past.”In the report, OTA noted a steep rise in cyber incidents like supply chain attacks, Business Email Compromise (BEC) and cryptojacking. The most notable 2018 attack was Magecart, which infected the payment forms on more than 6,400 e-commerce sites worldwide. – Governments Under AttackWhile the total number of ransomware attacks was down in 2018, the OTA report noted a troubling rise in reported ransomware attacks against state and local governments in 2018 and early 2019.

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