"Cybercrime Losses Triple to £1.3bn in 1H 2021"

Researchers at Outpost24 analyzed data that comes from the National Fraud Intelligence Bureau (NFIB).  The NFIB collects cybercrime and fraud reports from Action Fraud, the UK’s national reporting center for such crimes.  The researchers found that individuals and organizations lost three times more money to cybercrime and fraud in the first half of the year compared to the same period in 2020.  The researchers revealed that between January 1 and July 31 2020, victims lost £414.7m to cybercrime and fraud. However, the figure surged to £1.3bn for the same period in 2021.  In the first half of 2020, there were just 39,160 reported to Action Fraud, versus 289,437 in the first six months of 2021.   In both periods, individuals comprised the vast majority of cases and the majority of losses. However, organizations lost 6.6 times more money in the first half of 2021 compared to 1H 2020, while individual victims lost 2.6 times more during the period.  Experts are urging that the government should do more to educate individuals about the dangers of phishing and the importance of cybersecurity best practices and argued that organizations should be more proactive in mitigating home working risks.
 

Infosecurity reports: "Cybercrime Losses Triple to £1.3bn in 1H 2021"