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Apr 15, 2024 | 8 min read

Analysis: FBI’s FY23 Cybercrime Report Shows Two Tactics Are On The Rise

The FBI highlights two alarming trends: ransomware attacks and business email compromise fraud. Use of both of these tactics is on the rise: since 2021, the cost of ransomware complaints has increased by more than $10 million and BEC complaints have increased by 500 million reported incidents.

When it comes to cyber threats, I’ve pretty much seen it all. 

I started my career as a Counterintelligence Special Agent in the U.S. Army, quickly learning how to decode the complex signals of security threats. Next, I sharpened my skills in state law enforcement, investigating (and preventing) cybercrime by identifying and mitigating digital threats.

I then put my military and law enforcement experience to work in the tech industry, spending a decade managing data center infrastructure and another four years at a leading cloud provider advising national security customers. Now, in my role as a Senior Technology Research Analyst at Rubrik, I put my experience to work dissecting industry reports and articles. Combining my hands-on experience with this strategic insight allows me to guide discussions about how we can build our collective cyber resilience–ensuring we're prepared to meet and overcome the evolving threats to our interconnected world.

All of these roles equipped me with a profound understanding of the digital domain's vulnerabilities and how to strengthen them. So let me share two essential takeaways from the FBI's FY23 Cyber Crime Report

Two Accelerating Threats: Ransomware and Business Email Compromise Fraud

Digital transformation has highlighted an increased need for reliance on digital infrastructure—and the associated rise in cyber threats. The FBI's Fiscal Year 2023 Cybercrime Report highlights two alarming trends I think are worth paying special attention to: ransomware attacks and business email compromise (BEC) fraud. Use of both of these tactics is on the rise: since 2021, the cost of ransomware complaints has increased by more than $10 million and BEC complaints have increased by 500 million reported incidents. So these types of attacks are clearly causing significant financial and operational burdens for businesses. 

But both threats can be mitigated. The report highlights the urgent need for strong and proactive cybersecurity measures. It highlights the importance of cyber resilience and promotes strategies to address current threats and future challenges. A thorough analysis of this report suggests leveraging tools such as Rubrik's Cyber ​​Resilience solutions to employ advanced cybersecurity techniques to effectively counter and mitigate the growing cyber threat landscape.

Ransomware: A Growing Business Nightmare

The report illuminates a concerning trend in ransomware activity, reporting 2,825 ransomware complaints in 2023, which accounted for adjusted  losses of more than $59.6 million. These incidents not only signify a substantial financial burden but also represent a severe operational disruption, potentially halting business operations and damaging reputational integrity. 

But it’s not just about the cash. Strategic targeting of critical infrastructure sectors (for example recent U.S. power grid and supply chain attacks) further exacerbates this threat, revealing a deliberate attempt to undermine societal and economic stability. This escalation in ransomware attacks underscores the urgent need for businesses to adopt robust cyber resilience strategies to mitigate financial losses and operational disruptions.

The Costly Impact of BEC Scams

Business Email Compromise scams have also witnessed a dramatic increase, with 21,489 BEC complaints reported in 2023. These incidents caused more than 2.9 billion in adjusted losses. And  damage extends beyond monetary loss; It erodes our trust in corporate communication channels and undermines the integrity of business operations. 

These statistics highlight an essential aspect of cyber risk management with the key points being an understanding of the impact and to mitigate cyber incidents. Having this understanding and awareness has a positive impact on business continuity and stakeholder trust.

Cyber Resilience as a Strategic Imperative

The insights from the FBI's investigation highlight a pressing need for robust and forward-thinking strategies in cybersecurity. The concept of cyber resilience is vital, involving strategies to prevent, endure, recover from, and adapt to the various cyber challenges that may arise. 

Rubrik stands out as a key player in offering a ray of hope amidst these digital threats. Through their state-of-the-art data protection solutions, which include immutable backups, swift recovery processes, and comprehensive cloud security services, Rubrik solutions play a crucial role. They ensure businesses can keep running smoothly and protect their online assets from the constantly changing landscape of cyber threats.

A Call to Action: Strengthening Our Cyber Defenses

Timothy Langan, executive assistant director of the Criminal, Cyber, Response, and Services says  that "Cybersecurity is the ultimate team sport." And given the troubling statistics we’re seeing from the FBI, I think the way forward is obvious. The significant disruptions caused by ransomware and BEC scams underscore the need for a united and strategic approach. 

Rubrik leads the charge in this coordinated effort, bringing to the table sophisticated solutions that reinforce cyber resilience, ensuring that businesses are well-equipped to navigate and counteract the spectrum of cyber threats.

Securing our digital tomorrow is a journey we must embark on together, involving every player in the cybersecurity field. Companies need to weave robust cybersecurity strategies into the fabric of their operations, incorporating top-notch data protection technologies like those Rubrik provides. It's not just about introducing new technology; it's about developing overall security awareness and awareness.

So What Do We Do?

The FBI's FY23 Cyber Crime Report sounds a loud call to arms. Embracing advanced data protection measures and adopting a vigilant cybersecurity stance are not just recommended; they're imperative. Rubrik's dedication to cybersecurity excellence lights the way forward, not just to survive but to flourish in the face of these digital dangers. By joining forces, we can craft a safer, more resilient digital world for both businesses and the broader community.

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Brian Boyd