Cybercrime Damages in Russia Cross $1.25 Billion in 2024

• Russia's Interior Minister Vladimir Kolokoltsev recently revealed that cybercrime is a major issue in the country. Damages incurred as a result of online crimes have already crossed $1.25 billion in 2024.
• The numbers have sharply increased over the last 5 years. Cybercrimes now represent 40% of all the crimes committed in the country.
• The good news is that Russian authorities are taking steps to curb the growing terror of such crimes.

Cybercrimes in Russia have hit an all-time high. On Wednesday, Interior Minister Vladimir Kolokoltsev said during the meeting of the public council of the Russian Interior Ministry that total damages incurred because of cybercrimes in 2024 have already surpassed $1.25 billion.

However, this massive number is no surprise considering the rate at which cyber crimes have grown over the last five years. They now represent over 40% of all crimes committed in Russia - 60% if you consider serious crimes.

No one is safe from opportunistic cybercriminals. Individuals, companies, and government organizations are all equally at risk.

Significant damage is caused to the economy and property rights of citizens. Since the beginning of the year alone, the total amount of damage has exceeded 116 billion rubles." - Russia's Interior Minister

How Does Russia Plan to Counter This?

The Interior Ministry has decided to invest in its IT crime units. Kolokoltsev also added that proper education will go a long way in dealing with this crisis.

More than 1,000 students have already been enrolled in computer and information security programs. Similarly, 750 ministry employees have updated their qualifications to be able to combat this crisis.

Plus, these efforts have already started paying off. Kolokoltsev mentioned that in the months of January and February, the number of crimes that were solved, including organized crimes, had significantly increased.

The bottom line is that there's still hope. If the criminals are getting smarter, so are law enforcement agencies.

Read more: Biggest cyberattacks of 2023 and what caused them

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