Cybercriminals Targeting High-Profit Companies for Larger Ransom Payouts

A recent study by the American Enterprise Institute reveals that cybercriminals are more likely to target highly profitable companies, particularly those with substantial cash reserves and significant advertising expenditures. These firms are seen as prime candidates for industrial espionage, as their financial stability and market visibility make them attractive targets. The study also highlights that many companies fail to report cyberattacks, potentially due to the high costs associated with publicity. The Federal Bureau of Investigation reports that total potential losses from cyberattacks and cyber fraud surged 48% last year to $10.2 billion from $6.9 billion in 2021. This underscores the need for businesses to implement robust cybersecurity measures and report incidents promptly to mitigate risks and protect sensitive information.