Security

These 10 US states will lose the most money to cybercrime in 2018

California will lose as much as the bottom 36 states combined.

Building a slide deck, pitch, or presentation? Here are the big takeaways:
  • California, New York, Florida, Texas, and Virginia will lose the most money to cybercrime in 2018. — Website Builder Expert, 2018
  • California is predicted to lose over $329 million due to cybercrime in 2018—the most out of all US states. -Website Builder Expert, 2018.

California is predicted to lose the most money out of all US states due to cybercrime in 2018, according to new research from Website Builder Expert (WBE).

More populous states tended to have higher estimated losses, which WBE used FBI internet crime data and insurance statistics to predict. California grabbed the top spot with more than $329 million in potential losses, which is over $189 million more than New York's predicted losses. Despite being home to multiple tech hubs, it seems more can be done to prevent cybercrime, the report said.

Here are the 10 states that are predicted to lose the most money to cybercrime, along with how much they're slated to lose.

SEE: Security awareness and training policy (Tech Pro Research)

1. California - $329 million

2. New York - $139 million

3. Florida - $112 million

4. Texas - $96 million

5. Virginia - $64 million

6. Illinois - $42 million

7. Colorado - $40 million

8. Pennsylvania - $33 million

9. Georgia - $32 million

10. Washington - $32 million

Florida is seeing the biggest increase in reported cybercrime, with an average increase of 1,421 reports each year. The increase costs the Florida economy $4.3 million a year, the report found.

New York residents lose the most per reported attack, most likely losing $7,149 each time a resident is targeted. Here are the 10 states that would lose the most per complaint, along with how much each could cost.

1. New York - $7,149

2. Virginia - $6,795

3. Colorado - $6,106

4. California - $5,900

5. Oklahoma - $5,714

6. New Mexico - $5,587

7. Louisiana - $5,498

8. Montana - $4,688

9. Nevada - $4,501

10. Arkansas - $4,172

Michigan sees the most cybercrime, with 201 reports per 100,000 residents. Hawaii residents see the least, with 55 reports per 100,000 residents, the report found.

Cyber attacks could be costly if proper security protections aren't in place. Businesses should review their security practices and take care any flaws or vulnerabilities to reduce the potential costs.

Also see

126cybercrime.jpg

Silicon Valley, CA.

Image: iStockphoto/yhelfman

About Olivia Krauth

Olivia Krauth is a Multiplatform Reporter at TechRepublic.

Editor's Picks

Free Newsletters, In your Inbox