Study: Unreported app hacking could cost users $23 million per month

A recent study by Repair Outlet, phone refurbishers in the UK, says unreported app hacking could be costing users as much as $23 million a month globally. The study combine data from Action Fraud with search volume data around app account hacking.

About the report

Almost half of this could be coming from Facebook hacking, with over 41,000 Google searches a month totaling an estimated cost of $10.3 million, according to Repair Outlet. Key takeaways from the report:

° People search for app hacking advice for social media accounts an estimated 51,200 times per month, covering Facebook, Twitter, Snapchat and Instagram, with a potential cost of $12.9 million.

° Streaming sites are also common targets, with users searching for advice for the likes of Netflix, Disney+, Youtube and Spotify 18,100 times, costing users an estimated $4.5 million.

° Overall, people search for advice when their apps are hacked more than 92,000 times a month.

 ° This could suggest that app hacking costs an estimated $277,465,440 a year worldwide.

“App hacking on social media, streaming services or messaging platforms may not always have an immediate monetary value but this can result in cybercriminals gaining access to your personal information which leads to further fraud online,” says Tom Peet, manager of Repair Outlet. “One of the most common mobile vulnerabilities is operating system vulnerabilities which can occur when your phone isn’t regularly updated. This is even more significant as your phone ages as some models may stop receiving updates.,It’s vital to keep on top of your phone safety, practice good password hygiene and protect your device with antivirus software.”

Methodology of the report

The UK’s fraud prevention agency Action Fraud reported that the cost of social media and email hacking was UK £2.6M ($3.6M) a year, or £183 ($251) per hack. Repair Outlet then calculated the cost per hack based on the number of people searching for terms such as “Facebook hacked” globally to calculate the estimated total monthly hacking cost.