With worldwide annual turnover of up to 1.5 trillion euros, internet criminals have surpassed the drug dealers. Above all, companies are being targeted.
Cybercrime has evolved into a frighteningly lucrative business model in recent years, with illicit revenues from cybercrime now three times higher than those from drug trafficking. While current figures estimate annual global drug sales at $400-500 billion, digital criminals now “earn” at least up to $1.5 trillion a year. And the trends continue to rise – and at an alarming rate around the world.
In Austria alone, security authorities had to record more than 46,000 cybercrime reports last year. In comparison, ten years earlier, in 2011, there were just over 4,000 crimes, or just one-tenth.
Pandemic fueled online crime
About half of digital crimes are related to ‘fraud’. In concrete terms, this mainly concerns criminal activities in online trade. Be it seller or buyer – especially during the pandemic and the associated lockdowns, many have tried to illegally enrich themselves through digital channels.
But probably the most lucrative form of cybercrime can be attributed to the field of digital extortion. In addition to the love victims, who are forced to pay with photos and videos sent, especially companies, authorities or associations are on the list of victims. The website is no longer accessible, the webshop is offline – and in the worst case the entire communication infrastructure is down.
Entering the digital lockdown with ransomware
Cyber attacks with so-called ransomware put victims in a digital lockdown. Absolute encryption that can only be broken with a special code. And for that, of course, the criminals demand huge ransoms. The transfer is usually made in internet currency. Which makes tracking almost impossible.
Every second company is a victim of cyberattacks
A form of crime that has long made its way to Austria. According to a current representative survey by Deloitte CyberSecurity and research institute SORA, about half of 450 small and medium-sized businesses have already been victims of a ransomware attack. 54 of those surveyed even indicated that they were being attacked digitally every day.
Few people are willing to disclose whether and how much was paid.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
