Doug Bedell — November 5, 2021, 11:39 am

Cybercrime Explodes During the COVID-19 Pandemic

Cybercrime, the memoori site advises, “is up 600% during the COVID-19 pandemic. That staggering statistic from a 2021 PurpleSec report includes all forms of cybercrime, from theft or embezzlement to data hacking and destruction. The rise of cybercrime is expected to cost companies around the world $10.5 trillion annually by 2025, growing from just $3 trillion in 2015. This rapid increase has even led US research firm, Cybersecurity Ventures, to call modern cybercrime “the greatest transfer of economic wealth in history”.

“Without question, we’re seeing an explosion of ransomware attacks. We’ve seen ransomware grow to a point where now it’s not just about locking up data and just collecting a ransom to release that data. It’s about extortion,” said Steve Morgan, CEO of Cybersecurity Ventures. “The largest reason for the increase in these attacks, is that more companies are choosing to pay the ransom to get their data back, and cybercriminals are taking note. It’s the proverbial get rich quick scheme for a lot of criminals.”

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