Identity theft, endless scams, and many other forms of cybercrime are here to stay. Businesses of all kinds remain under constant threat of cyberattacks, with ransomware alone predicted to cost victims over a quarter trillion dollars (yes trillion!) by the end of the 2020s. Similar trends appear in the private sector, and no individual or entity is entirely safe from the many evolving risks dotting the digital landscape and beyond. Cybercrime will continue to be a serious global issue, alarming business leaders and governments in its scope, severity, and effectiveness.
If you pay attention to our Expert Insights or the state of cybercrime to any degree, it’s easy to be quickly overwhelmed by shocking statistics and near-daily headlines. As was the case in fighting crimewaves in the past, increased efforts are now being made to tackle today’s threats – it’s just that those don’t always garner the same attention as the crimes themselves or the damage caused. So, do identity thieves and other cybercriminals ever get caught, or do they remain elusive behind the disguise of the digital world?
How Common are Cyberattacks?
Cyberattacks on businesses of all sizes are a regular occurrence. Recent reports indicate that a ransomware attack on a business occurred every 11 seconds in 2021, which is a drastic increase from every 40 seconds seen just five years ago. If that trend continues, ransomware attacks alone are poised to occur nearly nonstop. Widespread data breaches which hit big corporations often appear in the headlines, but small and medium-sized businesses are under constant threat of attack as well. Nearly two-thirds of all small businesses have experienced some sort of cyberattack within the last year.
With statistics like these, it’s easy to see the scope of the problem and realize that data breach response planning and other services are essential. It also can leave you scratching your head, wondering if anything is being done by authorities to thwart these criminals and their constant onslaught.
Efforts by Authorities are Improving
The rise of cybercrime is certainly a challenge for authorities on all levels to deal with, but some signs indicate that progress is being made. Dedicated cybercrime task forces and increased cooperation among authorities around the world seem to be having an effect. At the beginning of 2022, there was even a somewhat collaborative effort between U.S. and Russian authorities to take down an infamous hacker gang called REvil. This cooperation has since deteriorated with recent world events. However, it still demonstrates that even potential global adversaries are willing to at least attempt to work together to reduce cyberattacks and the criminals responsible for them.
Last year Interpol took down a huge cyber fraud ring that stole over $80 million from victims in multiple countries. The operation played out over seven months and eventually led to the arrests of almost 600 cybercriminals. At the end of 2021, Interpol also successfully brought down another cybercrime ring based in Nigeria which was responsible for perpetrating ongoing business email compromise scams. Eleven people were arrested in this operation with seized computers and other data revealing that the criminals had the credentials to target more than 50,000 businesses. There also seems to be an increase in the number of small-scale hackers and inside individuals being caught for perpetrating cybercrime and fraud, in addition to the larger gangs that attract more news coverage.
Many Challenges Remain
The above examples illustrate the ongoing efforts that authorities are making to reduce cybercrime and persecute those responsible for it. But these efforts do not necessarily mean that the situation is getting better. Many challenges remain, and cybercrime will continue to be an ongoing issue in all sectors. There is no easy solution, and although more criminals seem to be getting caught and persecuted, the reality is that there are simply more cybercriminals in existence than ever before as well.
Many cybercriminals, whether organized gangs or individual perpetrators, remain elusive due to the sophisticated ways in which they perpetrate attacks and cover their tracks in the aftermath. Proxy servers, high-end encryption, and various other technologies allow threat actors to remain hidden and to avoid detection. Larger businesses or entities may have the resources to chase criminals down, but small and medium-sized organizations often don’t. Most attacks never get close to persecution, making these types of crimes lucrative and attractive for obvious reasons.
Attempts to even pursue capture and persecution are often seen as futile, and many cyberattacks are not even reported to authorities. When a criminal can succeed without even being chased, it’s an easy decision that the criminals make to keep at it. Challenges also exist within the ability to persecute cybercriminals operating in countries without strong or well-organized legal systems. Many criminals don’t reside within the jurisdictions where their attacks occur, and without coordinated efforts between authorities, simply locating the threat actors can be nearly impossible.
The Bottom Line
Identity thieves and cybercriminals do get caught and more of them are being held accountable for their crimes than ever before. But that doesn’t mean that cybercrime is decreasing or that it is anywhere remotely near under control. Authorities are developing more effective methods to uncover, track, and catch these criminals, but stopping them outright remains a virtual impossibility. Increased global cooperation and a better understanding of cybercriminal tactics enable the possibility for more frequent prosecutions. Still, we are a long way off from slowing down the problem to any effective degree.
Cybercrime and identity fraud will remain alluring to threat actors because of large potential paydays and the limited likelihood of capture. Improvements might be made in the ability to track down criminals, but the threats are here to stay. Businesses of all sizes need to realize this and be prepared for data breaches, ransomware, and other cybersecurity issues at all times. Data security and response planning are essential aspects of dealing with the many threats that exist today. Increased efforts by the authorities to limit cybercrime is good news, but proper planning by potential victims is a much more realistic way to deal with the situation as it stands.
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