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Social media-enabled cybercrime is generating $3.25 billion a year

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Social media-enabled cybercrime is generating at least $3.25B in global revenue annually, according to an extensive six-month academic study undertaken by Dr. Mike McGuire, Senior Lecturer in Criminology at the University of Surrey.

“Social media platforms have become near ubiquitous, and most corporate employees access social media sites at work, which exposes significant risk of attack to businesses, local governments as well as individuals,” commented Gregory Webb, CEO of Bromium. “Hackers are using social media as a Trojan horse, targeting employees to gain a convenient backdoor to the enterprise’s high value assets. Understanding this is the first step to protecting against it, but businesses must resist knee jerk reactions to ban social media use – which often has a legitimate business function – altogether.

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Key insights:

  • One in five organizations have been infected with malware distributed via social media
  • Reports of cybercrime involving social media grew by more than 300-fold between 2015 and 2017 in the US, and social media-enabled crime quadrupled between 2013 and 2018 in the UK
  • Over 1.3 billion social media users have had their data compromised within the last five years and between 45-50 percent of the illicit trading of data from 2017 to 2018 could be associated with breaches of social media platforms
  • Four of the top five global websites hosting cryptomining code are social media platforms
  • The number of enterprises infected by cryptomining malware doubled from 2017 to 2018
  • Social media platforms contain up to 20 percent more methods by which malware can be delivered to users – e.g. through adverts, shares, plug-ins – than comparable sources, such as ecommerce, digital media or corporate websites
  • Social media has fueled a 36 percent increase in the recruitment of ‘millennial money mules’ since 2016 and has increased fraud revenues by 60 percent since 2017.

>> Read : Social media-enabled cybercrime is generating $3.25 billion a year

Source : Help Net Security

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