July 11, 2023
A study by the American Enterprise Institute found that cybercriminals are more likely to target prosperous firms, those with a lot of wealth, and organizations that spend a lot of money on advertising.
The report, “The Effect of Malicious Cyber Activity on the U.S. Corporate Sector,” found that these indicators can help predict future cyberattacks. The report said that firms that collect personally identifiable information (PII) are often targeted by criminals and nation-states for financial gain or espionage.
The report also found that cyber threat actors are drawn to highly successful and growing businesses, presumably for industrial espionage. It added that many businesses fail to report intrusions, in violation of SEC regulations. However, external scrutiny from investors, the media, and analysts increases the likelihood of such incidents being reported.
According to the FBI, losses increased by 48% in the previous year, reaching $10.2 billion, up from $6.9 billion in 2021. Last year, the total potential losses from cyberattacks and cyber fraud increased by 48% to $10.2 billion. As a result, FBI Deputy Director Paul Abbate issued a warning about the increased danger and damage caused by contemporary cyber threats.
The sources for this piece include an article in CIODIVE.
