The Global Expansion of Cybercrime

In our digitally interconnected world, the issue of cybercrime stands as an ever-growing concern, casting a long, menacing shadow over the information age.

With technological advancements and an increasing reliance on digital platforms in every facet of our lives, the virtual realm has become a complex, bustling ecosystem.

However, along with these exciting opportunities, it has also given rise to a new class of criminals who exploit the vulnerabilities of this intricate digital landscape, threatening not only our personal data but also national security and the global economy.

Cybercrime is a multi-faceted and ever-evolving menace that takes on many forms, from identity theft, online fraud, and phishing to more advanced forms such as ransomware, cyber espionage, and cyber warfare.

As we plunge deeper into the digital era, the widespread use of AI has given cybercriminals another way in. 

Cybercriminals are harnessing AI to scrutinize extensive password datasets, creating countless password variations, while AI-powered deep fakes allow the creation or manipulation of audio and visual content, making it appear genuine. 

In 2020, deep fake technology was used to mimic the voice of a German CEO instructing his subsidiary firm to transfer $243,000 into a specified bank account.

Highly persuasive phishing emails can be rapidly produced, too, utilizing AI’s natural language processing.

Malware, driven by AI, can adapt its strategy as necessary, evading detection and insidiously invading victims’ systems, making sustained cyberattacks more frequent. 

With the rise of AI, cybercrime's scale, sophistication, and impact are escalating, posing unprecedented challenges to individuals, businesses, and governments worldwide.

According to Cybersecurity Ventures, global cybercrime damage could reach an annual figure of $10.5 trillion (£8.4 trillion) by 2025. If measured as a country, it would be the third largest economy after the US and China. 

Cybercriminals increasingly target the healthcare sector due to the amount of patient data held and the often outdated IT systems.

The cost associated with data breaches has spiked by 42% over the last two years, according to the Cost of a Data Breach Report.

The healthcare sector is the most expensive, with an average cost of $10.10 million per occurrence.

Two of the most significant data breaches reported in May 2023 were US-based healthcare companies – PharMerica’s breach affected nearly 6 million individuals, while almost 2 million Apria Healthcare customers had their personal data stolen.

However, rather alarmingly, this last breach occurred between 2019 and 2021, leaving customers ignorant that their data was exposed until the report in May 2023. 

May 2023 saw MCNA, the US government-sponsored dental care service, informing nearly 9 million patients that their data had been compromised by the ransomware gang LockBit.

Gaining access to the network at the end of February, MCNA was unaware of the breach on 6th March. 

These are small fry compared to Twitter, which allegedly had 235 million emails leaked.

As reported in January by APNews, the leak occurred “some time ago”, leaving users’ accounts compromised and their identities exposed. 

This brings the total number of potential records compromised in May 2023 to 17,363,243, up more than 15 million on April’s figures. 

The UK is currently ranked second to the US on the Global Cyber Security Index, with around 85,000 crimes reported in the second quarter of 2023 and losses totaling £527 million, according to a report from Money. 

Data breaches are frequently the result of an innocent employee emailing confidential information to the wrong person, malicious insiders - often a disgruntled employee, hackers stealing information, or threat actors.

These are groups or individuals intentionally exploiting weaknesses in an IT system.   

Companies are investing more heavily in cybersecurity in response to the growth of cybercrime.

According to IDC Corporate’s Worldwide Security Spending Guide, the global expenditure on security solutions and services is projected to reach $219 billion in 2023, marking a growth of 12.1% from 2022. 

It’s not only large corporations investing in virtualized security – 68% of small businesses have encountered a cyberattack.

As a result, the use of VPNs, two-factor authentication, controlled access, and security software is becoming commonplace, and alongside upskilling existing personnel to tackle cybercrime effectively, ensures the digital safety of global businesses.