Security Bite: Annual Cost of Cybercrime to Reach $9.2 Trillion in 2024

Cybercrime is on an unprecedented rise. A new study from Statista Market Insights predicts that the annual cost of cyberattacks will reach $9.2 trillion this year. By comparison, that's about a third of the population of the United States. GDP or 24 times Apple's annual revenue in 2023.

Here's what I learned after talking with several industry professionals.

9to5Mac Security Bite is provided exclusively by Mosyle, the only single platform Apple. Everything we do is to ensure Apple devices are ready and secure in the enterprise. Our unique integrated approach to management and security combines Apple's most advanced security solutions to fully automate the security and safety of your data. Compliance, next-gen EDR, AI-powered zero trust, and exclusive privilege management with the most powerful and advanced Apple MDM on the market. The result is Apple's fully automated, unified platform, now trusted by more than 45,000 organizations, to provision millions of Apple devices effortlessly and affordably. Request an EXTENDED TRIALtoday and see why Mosyle is all you need for your Apple experience.

You’ I read Security Bite, a weekly security column on 9to5Mac. Every Sunday Arin Vaichulisprovides information on data privacy, identifies vulnerabilities, and sheds light on emerging threats across Apple's vast ecosystem of more than 2 billion active devices. Stay safe, stay safe.

According to the same Statista Market Insights study, cybercrime costs have skyrocketed in recent years, increasing 245% from $860 billion to $2.95 trillion between 2018 until 2020. Due to the pandemic, the cost will double to US$5.49 trillion in 2021 and is expected to reach US$8.15 trillion in 2023, with an annual increase of US$1 trillion.

Global Projected Cost of Cybercrime will reach US$13.82 trillion in 2028.
via Statistics

Cybercrime has become one of the largest illegal economies in the world, affecting not only businesses and governments, but also ordinary people. Financial losses from cyber attacks include ransom payments, lost productivity, system downtime, data theft, etc.

So why cyber attacks, including ransomware attacks, data leaks, cyber espionage and phishing , continue to grow exponentially? despite our efforts to prevent and minimize threats?

Contributing factors

• Growth Attack Surface:It's a little strange, but the continued proliferation of IoT devices has provided cybercriminals with a growing attack surface and more potential victims. This does not exclude Mac users. As I mentioned in a previous Security Bite post, Jamf reported a 50% increase in new Mac malware families in 2023. Each of these families may contain dozens of malware instances. The Mac's growing user base makes it a more attractive target for cybercriminals.

• Geopolitics: Often, countries resort to cyber attacks to gain strategic advantages. , disrupt critical infrastructure, or collect intelligence. Amid the conflict in Ukraine and Israel, we are seeing an increasing escalation of high-profile state-sponsored attacks.
• Cybersecurity Skills Shortage: Due to the skills shortage we're worried about, there are a significant number of unfilled cybersecurity positions. This means fewer professionals will be monitoring and defending against specific threats. A shortage of skilled workers can also result in increased workloads on existing staff, resulting in decreased productivity. Plus employee burnout. Attackers count on this.
• Low barrier to entryThe right combination of tough economics, quick financial gains, and low levels of technical know-how have made ransomware as a service (RaaS) very popular. It is a subscription-based model in which operators write the software and partners pay to launch attacks using off-the-shelf tools and packages. This allows people without the skills to develop their own ransomware to carry out attacks. Unfortunately, RaaS kits are a dime a dozen on the dark web.
• Lack of Awareness:Many people and organizations remain vulnerable to cyberattacks due to a simple lack of awareness of the risks and consequences. According to Jamf's annual trends report mentioned above, 40% of mobile users and 39% of organizations were using devices with known vulnerabilities. Of course, Apple's popular device management platform has notified users, but this shows the lack of awareness that still exists.

How to protect your Mac

1. Update your device: Whether it's an iPhone, Mac or iPad, everyone should first keep the OS up to date with the latest security patches. This will eliminate known vulnerabilities that could be exploited by malware.
2. Use antivirus software. Mac computers are not protected from malware! I would recommend using Malwarebytes, which provides a free application for individuals that can detect and remove possible threats. Additionally, CleanMyMac X MacPaw now includes a MoonLock-powered malware removal tool.
3. Be careful when clicking: Email is still the most popular channel for spreading malware. Minimum effort for criminals, maximum success. According to a recent report, 9% of phishing attacks were successful in 2023, up 1% in 2022. As you know, use caution when clicking any links or opening attachments.
4. Turn on your firewall. Turning on your Mac's firewall is the best way to prevent unauthorized applications and services from being accepted. This is useful for managing incoming and outgoing connections.
5. Use strong (unique) passwords: Your dog's name followed by an exclamation point is not acceptable.
6. Enable disk encryption. On a Mac, this is called FileVault and allows you to encrypt all user data stored on the drive on the fly. This will ensure the safety of sensitive information if your device is lost or stolen. According to Jamf's report, this feature was disabled on 36% of client devices.
7. Limit user rights: It is important to limit user rights to prevent unauthorized software installation and limit the potential impact of malware infection . Learn how to limit privileges on Mac here.

More about security

• Here's how much zero-day hacks for iPhone, iMessage and other devices cost.
• iCloud Mail, Gmail and others are shockingly bad at detecting malware, study finds.
• It's GTA 6 -disguised macOS malware steals keychain passwords.
• Here's how to protect yourself from iPhone passcode reset attacks