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Cybercrime to Cost $10.5T by 2025: Lessons from Major Attacks

From Equifax to deepfake scams, learn from history to protect your future. Cybercrime's cost is skyrocketing - here's how to stay ahead.

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Cybercrime to Cost $10.5T by 2025: Lessons from Major Attacks

Cybercrime is set to cost the global economy a staggering $10.5 trillion by 2025, highlighting the urgent need for robust cyber security measures. Bernard Marr, a Forbes contributor, has analysed major cyber incidents to share valuable lessons for individuals and organisations to build resilience against evolving threats.

Marr's analysis includes the 2017 Equifax data breach, which exposed the personal details of 147 million customers, and the WannaCry ransomware epidemic that infected more than 200,000 computers worldwide. The 2016 Bitfinex crypto exchange hack, which resulted in a loss of $72 million, and the 2017 NotPetya malware attack, which caused damages of over $10 billion, also feature in his report.

One of the most recent and innovative attacks discussed is the 2023 deepfake CFO scam. Criminals in Hong Kong used AI-generated avatars in a video conference to impersonate a company's CEO, successfully obtaining $25.6 million from a financial company. Despite extensive investigations, no specific individual has been identified for this fraud.

These incidents underscore the importance of learning from past attacks to strengthen cyber security. As cybercrime continues to evolve and escalate, understanding the tactics used in these large-scale incidents can help individuals and organisations enhance their resilience and mitigate potential losses.

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