Public institutions, businesses, citizens—no one is safe from cybercrime. Hackers exploit the growing reliance on new technologies and data to infiltrate information systems. Once inside, cybercriminals install ransomware, steal data, and spy on organizations. DataScientest provides an overview of this menace.
How Pervasive is Cybercrime?
What is the Cost of Cybercrime?
Cybercrime is estimated to cost 8 trillion dollars globally in 2023, reflecting a 15% increase. In France, this rise has reached 38% (from 93 billion in 2023 to 129 billion in 2024).
Globally, the growth of cyberattacks far outpaces national GDPs. Indeed, if cybercrime were a country, it would be the third-largest economy after the United States and China.
What does this cost signify?
These figures represent all financial losses related to cybercrime. This includes data losses, business interruptions, repair costs, and ransom payments incurred by companies.
How are Cyber Attacks Becoming More Sophisticated?
For cybercriminals, human error creates the best opportunities for attack. Specifically, phishing. This technique, which involves deceiving the victim through a deceptive link, remains the main method of hacking attacks (in 60% of cases).
While this approach is longstanding, it is becoming increasingly sophisticated. Hackers often impersonate trusted third parties, such as public institutions, to achieve their objectives.
Apart from phishing, cybercrime is diversifying. Notably through denial of service attacks, which are on the rise. This involves overwhelming the network with a multitude of requests. Unable to manage them all, the information system becomes vulnerable.
Beyond large-scale attacks, cybercrime encompasses all crimes and offenses committed through computer systems. Examples include fraudulent investments, online trafficking, information manipulation, identity theft, and credit card fraud.
What are the Different Cyberattack Techniques?
- Ransom demands: by deploying ransomware, hackers completely block access to data. They may demand ransoms in the billions in exchange for restoring normal operations or withholding the disclosure of stolen personal information.
- Cyber espionage: this type of cybercrime is especially prevalent in tense geopolitical contexts. Amid the war in Ukraine and Middle Eastern conflicts, a Third World War is sometimes imagined. But, unlike the previous century, states conduct much of their conflict in computer networks. They wield a secret weapon: highly skilled hackers who can infiltrate (or protect) information systems. Besides states, companies in competitive sectors (aerospace, industry, automotive, etc.) can also fall victim to espionage.
- Cyber sabotage: these operations aim to destabilize. Depending on the situation, this might involve damaging an organization’s image, spreading misinformation, or disrupting a company’s activities (without necessarily requesting a ransom).
What Are the Challenges of Cyber Defense?
Faced with the daunting state of cybercrime, companies need ethical hackers more than ever. These cybersecurity experts possess the skills to thwart hacking attacks by protecting information systems.
However, France is facing a shortage of talent. There aren’t enough experts to tackle the challenges of IT security. Hence, the importance of training for developing future skills. With DataScientest, you can learn to detect vulnerabilities to prevent attacks while implementing all necessary measures to minimize their impacts. Join us!
