In 2023, the FBI reported a staggering $16.6 billion lost to digital scams and extortion in the US, marking the highest recorded losses in its 25-year history of tracking these crimes. Ransomware attacks, particularly against critical infrastructure, were notably prevalent, with complaints rising by nine percent from the previous year. Despite concerted efforts by the FBI to combat these crimes and provide support for victims, including decryption keys, the frequency and financial impact of cybercrime continue to escalate, raising concerns about unreported losses and the true extent of ransomware's economic damage.
In some cases, entities do not report any loss amount to FBI, thereby creating an artificially low overall ransomware loss rate.
These rising losses are even more concerning because last year, the FBI took significant actions to make it harder, and more costly, for malicious actors to succeed.
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