Hackers Stole $172 Billion in 2017

Hackers Stole $172 Billion in 2017

According to a report released by Norton, hackers stole $172 billion from overconfident consumers in 2017.

Perhaps the worst thing for a consumer to do while they are online is assume their finances are safe. Norton by Symantec's 2017 Norton Cyber Security Insights report found that hackers stole $172 billion from consumers in 2017 and they chalk it all up to overconfidence.

According to the report, cybercrime victims generally are the same: everyday consumers who juggle multiple devices at home or on the go, use similar passwords for all accounts and share personal details online or with others. Norton points out that these victims believe, after they've been stolen from, that they have the ability to protect their data and personal information from future attacks. Thirty-three percent believed they have a low risk of becoming a cybercrime victim.

In the United States alone, 143 million consumers were effected by cybercrime, that's more than half of the U.S. adult online population. These consumers lost a total amount of $19.4 billion with each victim losing an average of nearly 20 hours dealing with the aftermath.

The report showed that many consumers used cybersecurity safety measures like fingerprint ID, two-factor authentication or facial recognition but that they still practiced "poor password hygiene."

"Consumers' actions revealed a dangerous disconnect: Despite a steady stream of cybercrime sprees reported by media, too many people appear to feel invincible and skip taking even basic precautions to protect themselves," said Fran Rosch, executive vice president, Consumer Business Unit, Symantec in a press release. "This disconnect highlights the need for consumer digital safety and the urgency for consumers to get back to basics when it comes to doing their part to prevent cybercrime."

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • Survey: 54% of Organizations Cite Technical Debt as Top Hurdle to Identity System Modernization

    Modernizing identity systems is proving difficult for organizations due to two key challenges: decades of accumulated Identity and Access Management (IAM) technical debt and the complexity of managing access across multiple identity providers (IDPs). These findings come from the new Strata Identity-commissioned report, State of Multi-Cloud Identity: Insights and Trends for 2025. The report, based on survey data from the Cloud Security Alliance (CSA), highlights trends and challenges in securing cloud environments. The CSA is the world’s leading organization dedicated to defining standards, certifications, and best practices to help ensure a secure cloud computing environment. Read Now

  • Study: Only 35 Percent of Companies Include Cybersecurity Teams When Implementing AI

    Only 35 percent of cybersecurity professionals or teams are involved in the development of policy governing the use of AI technology in their enterprise, and nearly half (45 percent) report no involvement in the development, onboarding, or implementation of AI solutions, according to the recently released 2024 State of Cybersecurity survey report from ISACA, a global professional association advancing trust in technology. Read Now

  • New Report Series Highlights E-Commerce Threats, Fraud Against Retailers

    Trustwave, a cybersecurity and managed security services provider, recently released a series of reports detailing the threats facing the retail sector, marking the second year of its ongoing research into these critical security issues. Read Now

  • Stay Secure in 2024: Updated Cybersecurity Tips for the Office and at Home

    Cyber criminals get more inventive every year. Cybersecurity threats continue to evolve and are a moving target for business owners in 2024. Companies large and small need to employ cybersecurity best practices throughout their organization. That includes security integrators, manufacturers, and end users. Read Now

Featured Cybersecurity

Webinars

New Products

  • ResponderLink

    ResponderLink

    Shooter Detection Systems (SDS), an Alarm.com company and a global leader in gunshot detection solutions, has introduced ResponderLink, a groundbreaking new 911 notification service for gunshot events. ResponderLink completes the circle from detection to 911 notification to first responder awareness, giving law enforcement enhanced situational intelligence they urgently need to save lives. Integrating SDS’s proven gunshot detection system with Noonlight’s SendPolice platform, ResponderLink is the first solution to automatically deliver real-time gunshot detection data to 911 call centers and first responders. When shots are detected, the 911 dispatching center, also known as the Public Safety Answering Point or PSAP, is contacted based on the gunfire location, enabling faster initiation of life-saving emergency protocols. 3

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions. 3

  • QCS7230 System-on-Chip (SoC)

    QCS7230 System-on-Chip (SoC)

    The latest Qualcomm® Vision Intelligence Platform offers next-generation smart camera IoT solutions to improve safety and security across enterprises, cities and spaces. The Vision Intelligence Platform was expanded in March 2022 with the introduction of the QCS7230 System-on-Chip (SoC), which delivers superior artificial intelligence (AI) inferencing at the edge. 3