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FBI 2020 Report on Cybercrime

A report found that the top three crimes reported by victims in 2020 were phishing scams, nonpayment or nondelivery scams, and extortion. Victims lost the most money to scams involving compromised business emails, romance and confidence schemes, and investment fraud. Scams related to the Covid-19 pandemic also ranked. The total lost in 2020 to cybercrime is estimated at $4.2 billion, up from $3.5 billion in 2019, and $1.5 billion five years ago. The cost to business of cybercrime is equally high. Compromised third-party vendor email attacks cost an average of $183,000. Attacks that compromise business emails are expected to cause $92,000 in losses. Cybersecurity programs are more important than ever.

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