A literature review of financial losses statistics for cyber security and future trend

Abstract

Cybercrime directs to any criminal activity taken out utilizing computers or the internet. Attackers have chosen strategies such as social engineering, phishing, and malware as part of their cyber-attacks. A cyber-attack can lead to various effects, ranging from stealing individual data to extortion money or losing helpful information. Society and systems depend on critical infrastructures like power plants, hospitals, and financial services companies. This paper analyzes financial losses statistics for cyber security and future trends. The cost of cybercrime prevention is increasing day by day. Financial losses refer to damages to the wealth of an organization. This includes organizational losses, compensation, and legal fees. By financial loss, we mean increased costs or reduced income caused by the threat. We collect data from various datasets and information from sources. After collecting data, we analyze the data and create a different chart to identify the growth of cyber-attacks, cyber security, and cybercrime costs. We analyze global and worldwide cybercrime status. We also investigate state-wise cybercrime and the cyber security status of the United States of America. Our main objective of the analysis is to find out the financial losses and future trends of cybercrime and cyber security. From our study, we noticed that the number of cybercrimes and their management and prevention costs are rapidly increasing in the USA and worldwide.

Intelligent Feature Engineering Based Intrusion Detection System for IoT Network Security

“…However, once this data is collected, cleaned, and processed at network gateways, it can be used to reveal priceless information about and enable unauthorized control of entire systems. It is estimated that cybercrimes will cost $10.5 trillion annually worldwide by 2025 [18]. Around 75 billion IoT devices are expected to be part of the global network by this time [16].…”

Intrusion Detection Techniques in Social Media Cloud: Review and Future Directions

“…Every 39 seconds, a company is hit by a cyberattack, and some type of malware has hit more than 60% of businesses worldwide. According to IBM's Cost of a Data Breach Report 2021, the average total cost of a data breach climbed from $3.86 million to $4.24 million in 2021 [12]. Due to longer reaction times, remote working increased the average total costs, according to the report's results [10].…”

“…It separated the entire swarm into subgroups using the K-means method, allowing each subgroup to learn more effectively within and among distinct populations. After that, the study optimizes random forest for flow classification by updating the 12 Wireless Communications and Mobile Computing weight of each sample after repeatedly building each tree and making the final choice using a weighted voting mechanism. However, the Bat algorithm is a popular global optimization technique that can generate excellent results but is prone to becoming locked in local minima.…”

“…Conventional intrusion prevention methods, including firewalls, access controls, and encryp-tion, have failed to provide complete defense against more sophisticated malware attacks and infiltration attempts on networks and systems. This is because intrusion detection struggles with issues including extremely high network traffic volumes, highly imbalanced attack class distribution, the inability to distinguish between normal and abnormal behaviors, and the need for ongoing adaptation to a continuously changing environment [12][13][14]. Intrusion detection systems (IDSs) are now an essential part of the security architecture that is utilized to identify these threats before they cause significant harm.…”

Versatile Multimodal Biometrics to Prevent ATM Identity Frauds

“…This is a common globally faced problem called identity theft in which someone uses other people's identity data for financial access [1]. There has been an increase in identity theft over the years; as the use of the Internet and social media is also increasing, it is becoming easier for thieves to steal people's identities and use them for financial gains [2] [3].…”