Report Reveals Colossal Cyber Crime Losses in 2017 for Philly region

We never think our homes or vehicles will be broken into until it happens, and when it does, we’re often hesitant to tell many people if we habitually don’t lock our doors, or maybe leave our garage open. Not every break-in is reported and recorded with physical property, just like not every cyber breach is able to be documented.

Last year, cyber breaches cost U.S. citizens over $1.4 billion, according to a recent report released by the FBI’s Internet Crime Complaint Center. In Pennsylvania, New Jersey, and Delaware, that amounted to a reported $79 million – but as a recent Philly.com article suggests, that amount is likely much higher in reality due to lack of reporting. The official number is still catastrophic and could be much lower with proper, in-depth cyber protection. Breach of personal data was the second highest reported offense, which means cyber hackers are breaking through those boundary level barriers. Business email compromise (BEC) scams, which are used to infiltrate companies’ email databases to glean details on account information, have grown so much that the FBI had to create a new segment for them in order to properly track and investigate.

Not every breach can be stopped, so businesses of any size should never feel completely secure with surface level protections. Instead, they should also be prioritizing putting systems in place to mitigate the catastrophe that can result from data actually being breached. Luckily, Sabre On Point, with its 30+ years of experience, has a team of cyber security experts equipped to ensure a business of any size or complexity can mitigate these risks. Learn more at our Cyber Security Center.

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