What Does the GAO Report to Congress Tell About the State of Cybercrime in the US? | #cybercrime | #infosec

A look inside the chaos of US cybercrime reporting: Key insights from the GAO report on the challenges in tracking and combating cybercrime.

The Quick Scoop: The US Government Accountability Office (GAO) reveals in a comprehensive report that cybercrime, which includes activities that damage or infiltrate networks and those using the internet for illegal activities, is rapidly growing in the US This alarming trend is leading to significant financial losses and posing severe threats to public safety. Despite its increasing prevalence, the US struggles with inadequate cybercrime data and monitoring systems, leaving it underprepared to effectively combat these escalating digital threats.

Why Should You Care?: With the current rate of cybercrime growth, it’s likely that either you or someone you know will fall victim to cybercrime within the next 3 to 5 years. This concerning trend highlights the critical need for a robust system to track and analyze cybercrime effectively. Without it, we’re all left vulnerable, not just in our personal and financial spheres but also on a national scale, impacting both national security and economic stability.

• Nature of Cybercrime: Cybercrime activities in the U.S. primarily target computer networks for damage or infiltration or utilize the internet for criminal endeavors. This broad spectrum of cybercrime is increasing, resulting in billions of dollars in losses and significant threats to public safety​​.
• Legislative Response: The Better Cybercrime Metrics Act, enacted in 2022, is a pivotal step toward improving cybercrime reporting. It requires the Department of Justice (DOJ) to create a detailed classification (taxonomy) for various cybercrimes and establish a specific category in the National Incident-Based Reporting System for law enforcement reports on cybercrime​​.
• Agency Mechanisms for Reporting: Federal agencies employ diverse mechanisms for reporting cybercrime, influenced by their specific roles in identification, investigation, or prosecution. Agencies like the DOJ, FBI, and IRS have unique functions tailored to capturing cybercrime attributes and facilitating information sharing among them​​.