UN Reports Sharp Increase in Cybercrime During the COVID-19 Pandemic

UN Reports Sharp Increase in Cybercrime During the COVID-19 Pandemic

During the March and June quarter earnings seasons, constituents in the Foxberry Tematica Research Cybersecurity & Data Privacy Index reported an upswing in demand due to a variety of issues associated with the COVID0-19 pandemic. The United Nations has only recently confirmed what those companies and others shared about the March 2020 quarter as it found a 350% increase in phishing attacks.

With the pandemic response that included lockdowns and sheltering in place growing in the first half of the June quarter, particularly in the US, as businesses contended with the coronavirus, we suspect the UN’s eventual findings for the June quarter will reveal a similar year over year increase in cyber attacks. As we have seen before, an individual’s or a company’s pain, is an opportunity for cyber attackers.


A 350% increase in phishing websites was reported in the first quarter of the year, many targeting hospitals and health care systems and hindering their work responding to the COVID-19 pandemic, the U.N. counterterrorism chief said Thursday.

He said the U.N. and global experts don’t yet fully understand “the impact and consequences of the pandemic on global peace and security, and more specifically on organized crime and terrorism.”

Undersecretary-General Voronkov said the discussions showed a shared understanding and concern that “terrorists are generating funds from illicit trafficking in drugs, goods, natural resources and antiquities, as well as kidnapping for ransom, extorting and committing other heinous crimes.”

He said U.N. member nations “are rightly focused on tackling the health emergency and human crisis caused by COVID-19,” but he urged them not to forget the threat of terrorism.

Source: UN Reports Sharp Increase in Cybercrime During Pandemic – The New York Times

About the Author

Chris Versace, Chief Investment Officer
I'm the Chief Investment Officer of Tematica Research and editor of Tematica Investing newsletter. All of that capitalizes on my near 20 years in the investment industry, nearly all of it breaking down industries and recommending stocks. In that time, I've been ranked an All Star Analyst by Zacks Investment Research and my efforts in analyzing industries, companies and equities have been recognized by both Institutional Investor and Thomson Reuters’ StarMine Monitor. In my travels, I've covered cyclicals, tech and more, which gives me a different vantage point, one that uses not only an ecosystem or food chain perspective, but one that also examines demographics, economics, psychographics and more when formulating my investment views. The question I most often get is "Are you related to…."

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