Summary of the FBI’s 2023 Internet Crime Report

The state of cybercrime continues to grow, with losses set to rise to $12.5 billion by 2023, according to the Internet Crime Report by the FBI’s Internet Crime Complaint Center (IC3).

The data reveals an alarming increase in cybercrime, affecting both business and personal interests, with the main attack vectors being investment fraud, business email attacks and an increase in ransomware attacks in almost all critical infrastructure sectors.

This report presents a chilling picture of our ever-evolving cyber threats. In 2023, IC3 recorded a figure of 880,418 complaints, an increase of nearly 10% over the previous year. More worryingly, this rise in cybercrime resulted in reported losses increasing by approximately 22%, with a total financial impact exceeding $12.5 billion.

In terms of types of crime reported, phishing attacks topped the list, followed by personal data breaches, non-payment or non-delivery of goods, extortion and fraud.

When analyzed by financial impact, it highlights a growing increase in losses that included investment fraud, business email breaches and tech support scams, racking up $4.57 billion, $2.9 billion and $1.3 billion in losses, respectively. The age range of victims was people between 30 and 49 years old and those over 60 years old; the latter bore nearly 60% of all losses associated with tech support fraud.

Ransomware accounted for an additional $60 million in losses, a staggering 74% increase over 2022. Of particular concern is data showing that ransomware attacks are not limited to specific sectors.

The IC3 report highlights the rising tide of cybercrime, which is becoming increasingly serious in scale and speed. Security training is essential to ensure that users understand the mechanisms of ransomware and the types of attacks.