The impact on victims of cyberattacks

Just like any other crime, the impact of a cyberattack can be devastating and lasting, leaving its victims grappling with the consequences of a crime that didn't happen face to face. From financial losses to emotional distress and fear, the overall toll of cyberattacks can be extensive. But what are the biggest impacts that people face?

The main impact of cyber fraud is financial loss with 33% of people admitting having lost money. This can happen through a range of cybercrimes from unauthorised transactions on bank accounts and credit cards to investment scams or identity theft. Beyond the immediate and devastating impact of finding out that money has been stolen, victims face an uphill struggle when it comes to attempting to recover lost funds, navigating reimbursement processes with banks, and repairing credit history. Plus, the financial strain can affect their ability to meet basic needs, plan for the future and even maintain a sense of financial security - so there are plenty of knock-on effects from this.

The second biggest impact that people experience when they become victims of cybercrime is the loss of time and the general inconvenience of it all, with a quarter of people reporting serious disruptions to their daily lives. People may have to spend hours attempting to resolve fraudulent transactions, communicating with financial institutions, and reporting to the police, which are all time-consuming tasks. Stress and frustration often follow in these circumstances. Plus, additional admin can cause further disruption to routine and eat up time, like cancelling cards, changing passwords and monitoring bank accounts to prevent further fraudulent attacks.

In today's society, many people believe they're savvy enough to know how common cyber scams and fraudulent activity is online. And, as such, think they're smart enough to spot them when they crop up. However, that's not always the case - especially with how sophisticated scams have become, thanks to the rise of AI. It could be why 17% of respondents admitted to feelings of shame, embarrassment, or self-blame. It's easy to fall into the trap of internalising these feelings of fault and question our judgement when falling victim to a hack attack which can take a toll on overall confidence and self-esteem.