According to the Federal Trade Commission (FTC), cybercriminals have raked in about $12 million from coronavirus-related scams. Between January 1 and April 12, 46.5% of the 16,778 fraud complaints reported a monetary loss. The FTC cited an increase in remote working, operations disrupted by digital transformation, and shortage of security personnel as some of the top reasons for the increase in cyber-attacks. This has also increased cybersecurity challenges to already overburdened security teams.
There has been a steady growth of coronavirus-related scams and fraud in 2020 that includes trivial phishing campaigns as well as APTs targeting large companies and the public sector.