Ransomware and Cybercrime Cost Victims $16.6B in 2024, FBI Reports
TL;DR
In 2024, cybercriminals, including ransomware operators, defrauded U.S. businesses and individuals of a record $16.6 billion, according to the FBI. This figure represents the highest annual loss recorded by the FBI’s Internet Crime Complaint Center (IC3) in its 25-year history. The data underscores the growing threat of ransomware to America’s critical infrastructure.
Ransomware: The Dominant Threat to America’s Critical Infrastructure
Cybercriminals and extortionists defrauded U.S. businesses and individuals of a staggering $16.6 billion in 2024, according to the FBI. This figure marks the highest annual loss recorded since the FBI’s Internet Crime Complaint Center (IC3) began tracking such data 25 years ago1.
Record Losses Highlight Growing Cyber Threats
The $16.6 billion in losses signifies a substantial increase in the financial impact of cybercrime. This surge can be attributed to the growing sophistication of cybercriminal tactics, particularly ransomware attacks. Ransomware has emerged as one of the most significant threats to America’s critical infrastructure, affecting various sectors, including healthcare, finance, and government agencies.
The Evolving Landscape of Ransomware Attacks
Ransomware attacks have evolved significantly over the years. Initially, these attacks involved encrypting victims’ data and demanding a ransom for the decryption key. However, modern ransomware operations often include data exfiltration, where attackers steal sensitive information before encrypting it. This dual-threat approach increases the pressure on victims to pay the ransom, as non-compliance could lead to data leaks and potential legal consequences.
Mitigating the Ransomware Threat
To mitigate the ransomware threat, organizations must implement robust cybersecurity measures. These include regular software updates, employee training on phishing awareness, and the use of advanced threat detection systems. Additionally, maintaining up-to-date backups can help organizations recover from ransomware attacks without paying the ransom.
Conclusion
The $16.6 billion in losses reported by the FBI in 2024 underscores the urgent need for enhanced cybersecurity measures. As ransomware attacks continue to evolve, it is crucial for businesses and individuals to stay informed and proactive in their defense against these threats. By prioritizing cybersecurity, we can collectively reduce the impact of ransomware and protect our critical infrastructure.
Additional Resources
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(April 24, 2025). “Ransomware scum and other crims bilked victims out of a ‘staggering’ $16.6B last year, says FBI”. The Register. Retrieved April 24, 2025. ↩︎