Cyber Crime Stats from BroadbandSearch

10 Things to Know About Cybercrime in 2024

Cybersecurity has become a vital part of online life. At Info-Tech Montreal, an IT security company, we have seen first hand how the landscape of cyber threats continues to evolve, presenting new challenges for individuals and businesses alike. Learn about the scale and scope of these threats and use it to improve your defense. Here are ten alarming cybercrime statistics for 2024 from Broadband Search that highlight the urgency of bolstering online security measures.

1. Cybercrime Damages Predicted to Reach $10.5 Trillion Annually by 2025

A study by Cybersecurity Ventures predicts that cybercrime damages will cost the world $10.5 trillion annually by 2025. This staggering figure underscores the pervasive and escalating nature of cyber threats. It’s a clear indication that both businesses and individuals must prioritize cybersecurity to mitigate potential losses.

2. 15% Increase in Cybercrime Incidents

Cybercrime incidents have climbed by 15% year-over-year, marking a stark escalation from 2022. This increase isn’t just about the numbers; the nature of the threats themselves is changing, with tactics becoming increasingly insidious and outsmarting traditional security protocols.

3. Most Targeted Sectors

Certain sectors are more vulnerable to cyber attacks due to the high value of the data they hold. The most targeted sectors in 2024 include:

Government and Administration: Bearing the brunt with 69% of ransomware attacks.
Technology: Breach statistics have swelled by 80%.
Healthcare: A 167% rise in sophisticated email attacks.
Telecommunications: Over 4.5 billion compromised records in 2023.
Education: Ransomware attacks surged, hitting 80% of lower and 79% of higher education institutions.

4. Ransomware Attacks on the Rise

Ransomware incidents have skyrocketed by an alarming 40% year-on-year. Attackers are now engaging in “double extortion,” threatening to publish stolen data unless additional demands are met. The average ransom demand has nearly doubled, reaching $1.54 million in 2024.

5. Phishing Attacks Remain Prevalent

Phishing attacks have evolved and now represent an alarming 36% of total cybercrimes. They target a wide range of demographics, including older generations, new internet users, high-level executives, and small business employees. The most common techniques include deceptive phishing, spear phishing, whaling, smishing (SMS phishing), and pharming.

6. Economic Impact of Cybercrimes

The economic shockwaves of cybercrime have been staggering, with global losses estimated to surpass $8 trillion. The United States alone reported losses exceeding $10 billion in 2022. These financial impacts are compounded by diminished productivity, tarnished reputations, and significant recovery costs.

7. Increase in Insider Threats

Insider threats have risen alarmingly, constituting up to 34% of all cyber incidents. These threats exploit trust and access within an organization, making them particularly pernicious. Common types of insider threats include espionage, fraud, terrorism, theft, and negligence.

8. Exploitation of Remote Work

The shift to remote work has extended corporate perimeters into the more vulnerable terrain of home networks. This has led to increased cyberattacks on home networks, with misconfigured firewalls and the use of personal devices presenting significant vulnerabilities. The data points to a critical need for enhanced cybersecurity measures tailored for remote workers.

9. Growing Use of AI in Cyberattacks

Cybercriminals are leveraging artificial intelligence to orchestrate more sophisticated attacks. AI-driven methods include deepfake phishing, AI-powered malware, automated brute-force attacks, social engineering campaigns, and supply chain attacks. This highlights the dual role of AI in both facilitating and combating cyber threats.

10. Increase in Mobile Cyberattacks

Mobile devices have become prime targets for cybercriminals. The increase in mobile cyberattacks underscores the need for robust security measures to protect against vulnerabilities in mobile devices and applications.

Strengthen Your Cybersecurity with Info-Tech Montreal

In light of these alarming statistics, it’s evident that proactive cybersecurity measures are more important than ever. At Info-Tech Montreal, we specialize in managed IT services, including comprehensive cybersecurity solutions tailored to small and medium-sized businesses. Whether you need co-managed support for your existing IT team or a complete managed services package, we have the expertise to protect your organization against evolving cyber threats. Our team of experts is dedicated to making IT simple and accessible, without the jargon.

Contact us now to schedule a consultation and take the first step towards robust cybersecurity.

For more detailed insights and statistics on cybercrime in 2024, visit the original article at BroadbandSearch.

Windows 7 Dies Today: Here’s What You Need to Know

“Microsoft released Windows 7 in October 2009. Now, more than a decade later, it’s being retired. Your Windows 7 PCs will keep working, but Microsoft is no longer issuing security patches as of January 14, 2020.

Windows 7 will keep working normally, just like Windows XP does. If you have a PC running Windows 7 or Windows XP, you can use it on January 15, 2020, just as you could on January 13, 2020. Microsoft won’t stop you from using your PC. You may see some nags informing you that “Your Windows 7 PC is out of support,” but that’s it.

We recommend you avoid using Windows 7. If you do keep using this operating system, it’s now especially important that you have security software (like an antivirus) installed and take steps to secure your PC.”

Click on the link below for more information.

How to Set a Password Expiration Date in Windows 10

“To maintain your cybersecurity, it’s a good idea to change your computer’s password every once in a while. Windows 10 makes this easier because you can set a password expiration date.

The steps to do this vary, depending on whether you use a local or Microsoft account to log in to your Windows PC, so we’ll look at the process for both.” See link below.

Why You Need A Proper Domain Name and Email Address

Believe it or not, we’re already into 2020! January is the time of year when business owners often implement new strategies for growth: new processes, new goals, new sales and marketing tactics. But if you’re a new business owner and are still using an @gmail.com email address to communicate with clients, then your first priority this month should be to secure a proper domain name and email address.

I see this often at networking events. I meet business owners who have a successful, growing company, and often even have websites already set-up, but when we exchange business cards, their beautifully-designed cards suddenly lose a level of professionalism when I see the email address: “companyname@gmail.com.” Unfortunately, using gmail, hotmail, or any of these free email providers sends the wrong kind of message.

Having a domain name secured and the appropriate email addresses set up for your company goes a long way to demonstrating to potential clients just how qualified you are. Whether you’ve yet to purchase a domain name, or if you have a website set-up but haven’t transitioned your email yet, we can help get you set up so you’re ready to scale in 2020.

Domain Names Are Inexpensive

The first step, if you haven’t already, is to purchase a domain name. Generally, these are relatively cheap – often around $25 / year. Your business name is the best option, but if this isn’t available we can help you find one that works. Almost all hosting packages offer free entry level email as a starter, but there’s also an option to upgrade to a fully synchronized mail server mailbox from Office365 or G-Suite.

Free Email Accounts Let You Create Multiple Aliases

Once you have a domain name and your free email set up, you can actually create addresses as you wish – usually up to 10. You can even create aliases which are additional email addresses that are sent to and from the same inbox free of charge, that do not count against your ‘real’ mailbox count. This allows you to set up a info@companyname.com, marketing@companyname.com, accounting@companyname.com, and any other addresses your business might need. These aliases will all flow into your one main inbox, so it’s easy for you to track incoming messages.

As your team grows, you can create additional email addresses (up to a certain limit) with their own inbox also free of charge. Just be conscious of the amount ‘actually’ needed; as later on if you decide to move to a fully synchronized mail server, each mailbox will cost about $7 a month.

Don’t Wait to Make The Switch

Often, entrepreneurs are hesitant to begin using a new email address for fear of confusing those contacts and clients they’ve already secured. However, we at Info-Tech Montreal can help set up email forwarding for you so you don’t miss anything sent to the old address. It’s better to make the switch early; the longer you wait, the more clients you will have to notify and the more areas (website, business cards, email signatures, online directories, etc.) you’ll have to update.

Having a proper domain name and email address that accurately represents you and your business goes a long way in helping portray your company as a qualified, professional option for your clients. We can help get you set up so you’re ready to take on 2020. Reach out to us today to get started or to answer any questions you might have.