Threat Actors Cost US Targets $16.6 Billion in 2024, FBI Report Shows

Threat actors amassed $16.6 billion from targets in the US last year, with ransomware remaining the most significant threat, the FBI reports.

Record losses in 2024

The FBI recently published the 2024 Internet Crime Complaint Center (IC3) report, which included insights into last year’s most lucrative malicious campaigns.

According to the report, cybercriminals stole a record-breaking amount of money from businesses and individuals in the US.

The sum, totaling $16.6 billion, is reportedly the largest amount stolen since the FBI’s IC3 started monitoring online criminal activity 25 years ago.

Ransomware still near the top of the cybercrime food chain

The IC3 report also shone a light on the most significant threats in the cyber landscape, with ransomware still being on top. In 2024, critical infrastructure organizations submitted nine percent more ransomware complaints to the IC3 than last year.

These rising losses are even more concerning because last year, the FBI took significant actions to make it harder, and more costly, for malicious actors to succeed. We dealt a serious blow to LockBit, one of the world’s most active ransomware groups. Since 2022, we have offered up thousands of decryption keys to victims of ransomware, avoiding over $800 million in payments.

Despite the officials’ intensified efforts to disrupt ransomware operations, including a major takedown of the infamous LockBit group and providing thousands of decryption keys, ransomware still surged last year.

Extortion and ransomware, two different beasts

In 2024, the FBI continued to track extortion and ransomware as separate threats. Extortion was the second-most-reported cybercrime, with over 86,000 complaints, while ransomware continued its yearly climb, counting 3,156 reports.

Financial losses were also substantial. Threat actors amassed over $143 million through extortion, while reported ransomware losses hit $12.5 million. However, officials suspect the actual financial impact of ransomware is likely far greater, as the figure doesn’t account for third-party recovery costs, or lost productivity and data.

Phishing and spoofing were the most pervasive threat, with a staggering amount of 193,047 recorded complaints.

Defending against cyber threats

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