This isn't a coincidence – it's a response to the arrival of one of the world's most expansive cybercrime laws, the EU's General Data Protection Regulation1 (GDPR). By putting stronger regulations in place to protect personal information, laws like the GDPR are increasingly being brought in around the world to protect both individuals and wider society from a huge range of online criminal activity.
It's no surprise that steps like this are being taken. Cybercrime cost the global economy $600 billion in 2017 alone2.
As the world becomes ever more digital, cybercrime will persist as a major risk – to governments, businesses and individuals alike.
It can work along a number of channels:
A cyberattack can use any combination of these methods, and new approaches are being developed all the time.
The impact of cybercrime is significant: along with that $600 billion annual bill, 2017 also saw the theft of more than 2.5 billion personal records3 . It can also cause serious damage to public services and infrastructure, with both hospitals and power networks having been targeted by attackers in recent years.
While national and international legislation like GDPR is making strides in controlling the spread and impact of cybercrime, the response also has to come from every one of us as individuals.
Some basic steps you can take to combat cybercrime include:
Cybercriminals can target you in your professional or personal capacities, so these steps should be taken whether at work or at home.
With services like online banking, this is especially important. This is why your bank will often use multi-factor identification practices, such as time-limited passcodes and text messages, to make sure your accounts stay extra safe when you're doing business online.