Cybercrime: What Is It?

What is cybercrime?

Cybercrime is any criminal activity involving computers, networks and other digital channels. According to the Federal Bureau of Investigation (FBI), cybercrime falls into two main categories: crimes where the computing device is the target (such as hacking into networks to steal data) and crimes where the computer is used as a tool to commit traditional offenses (like fraud or identity theft).

The financial impact of cybercrime continues to escalate. According to the FBI’s Internet Crime Complaint Center (IC3), Americans reported losses exceeding $16.5 billion to cybercrime in 2024, representing a 33 percent increase from 2023. Small businesses are particularly vulnerable because they often lack the robust security infrastructure of larger corporations while still maintaining valuable data that attracts criminals.

What types of cybercrime attacks are most common in business?

Cybercrime reports surged to 859,532 complaints in 2024, marking a record year, according to the FBI’s IC3 report. Understanding the specific threats your business faces is the first step in developing effective cybercrime protection. While countless forms of digital attacks exist, certain types consistently target businesses. Here are the most common cybercrime attacks you should know about:

Phishing and spear phishing

Phishing occurs when cybercriminals send deceptive emails that appear to come from trusted sources, attempting to trick recipients into sharing sensitive information like passwords or financial data. Spear phishing takes this a step further by targeting specific individuals within an organization with personalized messages designed to look especially convincing. These attacks remain one of the most successful entry points for cybercriminals because they exploit human psychology rather than technological vulnerabilities.

Ransomware

Ransomware is malicious software that encrypts a victim’s files or locks them out of their systems entirely. The attackers then demand payment (typically in cryptocurrency) in exchange for restoring access. Even small businesses have been hit with ransom demands ranging from thousands to millions of dollars. The recovery process can take weeks or months, causing devastating operational disruptions.

Business email compromise

Business email compromise occurs when criminals gain access to or successfully impersonate a company executive’s email account. They then use this access to authorize fraudulent wire transfers, request sensitive employee information or redirect vendor payments to accounts they control. These attacks often succeed because employees trust communications that appear to come from leadership.

Malware and viruses

Malware is an umbrella term for malicious software designed to damage systems, steal data or gain unauthorized access to networks. This category includes viruses, trojans, spyware and other harmful programs. Once installed on your network, malware can spread rapidly and remain undetected for months while extracting valuable information.

Distributed denial of service attacks

Distributed denial of service (DDoS) attacks overwhelm your website or network with massive amounts of traffic from multiple sources, making your services unavailable to legitimate users. While these attacks don’t typically result in data theft, they can cripple your operations and damage your reputation with customers who can’t access your services.

SQL injection

SQL injection attacks target databases by inserting malicious code into entry fields on your website or application. If successful, attackers can view, modify or delete your database contents, potentially exposing customer information, financial records and other sensitive data. These attacks exploit vulnerabilities in database-driven applications.

Credential stuffing

Credential stuffing occurs when cybercriminals use stolen username and password combinations (often obtained from data breaches at other companies) to gain unauthorized access to accounts. This attack succeeds because many people reuse passwords across multiple sites, so credentials stolen from one breach can unlock accounts elsewhere.

Insider threats

An insider threat occurs when an employee (current or former), contractor or business partner misuses their authorized access to steal company data, sabotage systems or commit fraud. This type of threat is difficult to detect because the users already have legitimate access to your business systems. They may act maliciously for financial gain, negligently through careless security practices, or unknowingly after their credentials are compromised by external attackers.

How can businesses prevent cybercrime?

Cybercriminals steal your company’s data, money and assets by looking for weaknesses in your information technology setup and catching your staff off-guard. To prevent and combat cybercrime, it’s essential to shore up your technology and train your team. The good news is that implementing strategic safeguards significantly reduces your risk, even if you’re working with a limited budget.

Bolster your technology to prevent cybercrime.

Your technological infrastructure forms the foundation of your cybercrime protection strategy. These security measures can protect your business data and save your company from devastating consequences:

1. Create a cybersecurity incident response policy. A well-thought-out cybersecurity plan can help you prevent attacks. However, cybercrime incidents can still occur. In these cases, you need an incident response plan in place to help you react appropriately to a data breach or other attack and mitigate the damage.  
2. Form a cybersecurity incident response team. You’ll need a team to carry out your plan. Assess the types of attacks your organization is most vulnerable to and form a team to address each aspect of your response. Appoint leaders for general areas like threat detection, incident containment and system recovery and provide them with the technical and human resources required to do the job.
3. Run emergency drills. Test your cybersecurity response plan and team with drills consisting of simulated cyberattacks. These drills will help you spot plan weaknesses, determine how best to reallocate resources and decide whether to bolster your response by incorporating outside experts.
4. Encrypt your data. Ensure your company data is encrypted. Encrypted data is “jumbled up” and indecipherable without a key. If a hacker breaches your system and doesn’t have the key, they can’t use the data.
5. Keep software and apps updated. Software vendors release updates periodically to protect clients against new and emerging cyberthreats. Apply patches the same day vendors release them and hackers will be much less likely to breach your system.
6. Restrict who can install software on your network. Your IT team can’t apply patches to apps and software programs they don’t know are on your network. Limit who can install software on your system and keep a record of everything installed.
7. Delete software you don’t use. Audit your system regularly, your data stored on cloud storage services and everything connected to your network to monitor unused applications. Uninstall any unused software apps to prevent them from becoming attack vectors in the future.
8. Delete unsupported software. Uninstall software that vendors no longer support, patch or update. Ask your team about programs they’d prefer to use and ensure their vendors support them.
9. Know what connects to your network. List and continually update every computer and device authorized to connect to your network. Hackers generally don’t have access to authorized devices, so your system will block them when they try to connect.
10. Limit account privileges. Use access control systems to allow employees to access only the apps, programs and data they need to do their job. Limiting access restricts the amount of damage a hacker can do if they steal someone’s credentials.
11. Use antivirus software. Install excellent antivirus and internet security software to stop ransomware and malware from infiltrating your network.
12. Implement strong firewalls. Firewalls can detect viruses and stop malware and phishing attacks. Select a firewall that monitors traffic patterns over time and alerts an IT team member when suspicious activity occurs. 
13. Back up data regularly. Use a backup service with cloud data encryption. A cybergang cannot threaten your data if you have a copy securely stored elsewhere. A secure backup also means you can get back to business much faster if an attack occurs.
14. Secure your company’s Wi-Fi network. Phones and other devices scan for “beacon frames” when looking for business Wi-Fi. By switching off the beacon frame, you can make yourself invisible to outsiders.
15. Practice robust password management. People are notoriously good at choosing weak passwords. Ensure your team uses secure passwords and consider implementing an encrypted, centralized password-management system to better protect your network and terminals.
16. Implement 2FA. Two-factor authentication (2FA) requires a second security element when logging into an account or device. For example, if you try to log into Google from a new device, Google sends a confirmation code to a known trusted device. 2FA makes it challenging for hackers to bypass your network’s defenses.
17. Protect IoT devices properly. IoT devices, including connected printers and cameras, present an opportunity for hackers to infiltrate your network. Secure every item connected to your network with the same diligence you use for terminals, laptops and mobile devices.
18. Consult white-hat hackers. White-hat hackers are reformed hackers who attempt to break into your computer network with your permission. They can tell you which areas are particularly vulnerable and how you should better protect yourself.
19. Use virtual private networks (VPNs) for remote access. Although 4G and 5G cellular signals are highly secure, employees may connect to Wi-Fi in coffee shops, airports and hotels. However, as mentioned earlier, these Wi-Fi networks can be spoofed. To ensure secure remote access, instruct all employees to connect to a VPN if they’re dialing into your network, apps and data.
20. Monitor network traffic. Network monitoring tools can be highly effective in determining whether a cyberattack is underway. They’ll alert you to signs like spikes in data transfer rates, repeated login failures and unfamiliar IPs trying to access your systems.

Train your team to prevent cybercrime.

Small and medium-sized businesses often make the mistake of treating cybersecurity as a tech issue for the IT guys. However, every member of your organization can help shore up your cyber defenses. Invest in employee training to educate and empower your team and turn them into “human firewalls.” Impress the following tenets onto your staff members:

1. Question everything out of the ordinary. Create a list of checks and balances within your company to detect phishing. For example, if the CEO calls accounts payable demanding money for an invoice, require the employee to report it to their manager immediately. Encourage staff to speak up if they get any suspicious requests by phone, email or text.
2. Don’t assume public Wi-Fi is safe. Although the old, insecure Wi-Fi Protected Access 2 protocol is being phased out, it’s still used in many places. Instruct employees to connect to the office using an encrypted VPN or 4G or 5G signals when they are out of the office. 
3. Be careful what you tell others. Many managers and employees use personal branding via social platforms to enhance their organizations and reputations. Instruct your team to be careful about how much they share on social media because cybercriminals could use that information to impersonate them.
4. Double-check remote desktop access requests. IT teams often connect to co-workers’ computers via remote PC access software to troubleshoot issues. Hackers know this and may pretend to be from your IT team. Instruct your team to check directly with the IT manager to ensure access requests are valid.
5. Understand the risks of cybercrime. Most employees don’t know how devastating a data breach’s financial and reputational damage can be. Train them on what to look out for and when to speak up. Monitor their performance, test them regularly and reward staff who raise the alarm.
6. Be careful with emails and websites. Train your employees to recognize suspect emails as potential phishing attacks. Teach them to be suspicious of emails with unexpected attachments and spelling errors. Instruct them not to click on URLs within emails that don’t match the sender’s email, as they’ll likely lead to a spoof site clone.
7. Understand the importance of data minimization. Data minimization means staff members can only access the data they need to do their jobs. It’s an important practice to implement because if a hacker gains entry to a user’s account, they will only be able to access that user’s data – not the greater company network. Get your team used to the idea of minimizing data storage and holding only the data they need to operate.
8. Strong passwords are critical. Some IT managers can manage employees’ passwords centrally to better control access. However, if this isn’t possible, insist that colleagues use strong, unique, hard-to-guess passwords for every account. The same goes for passwords required for dual-factor authentication systems.
9. Understand “bring your own device” (BYOD) policy risks. Many companies have a BYOD policy that allows staff members to connect to the company network using their personal devices. If you have a BYOD policy, ensure your team knows the risks involved, registers their devices and installs the latest encryption and antivirus software. Only allow registered employee devices to log in.
10. Stay current with security updates and patches. Cybercriminals exploit known software vulnerabilities to gain access to systems. Ensure your team understands the importance of installing security updates promptly and never postponing critical patches. Establish a clear policy requiring employees to apply operating system, browser, and application updates within a set timeframe, and explain how outdated software creates entry points for ransomware, malware and data breaches.

When every team member understands and follows their role in cybersecurity, your organization transforms from a target into a hardened defense.

Skye Schooley contributed to the writing and reporting in this article.