Cyber attacks cost US businesses and web users over $8bn in 2014, according to data from the FBI.
The FBI's Internet Crime Complaint Centre (IC3) reported the figure in its 2014 Internet Crime Report, listing it as proof of the growing threat of cyber attacks.
"In 2014, the IC3 received 269,422 complaints with an adjusted dollar loss of $800,492,073," read the report.
"On average, approximately 22,000 complaints were received each month. Internet crime has become a global issue with the sophistication of online criminal techniques and overlapping jurisdictional boundaries."
The report said that 123,684 of the reported incidents resulted in financial loss at an average of $2,971 each.
Growth in the number and sophistication of phishing attacks targeting business was listed as a growth area in cyber crime, accounting for $226m of the reported loss.
"The 'business email compromise' scam continued to evolve, and in 2014 victim
businesses reported having personal emails compromised and multiple fraudulent requests for payment sent to vendors identified from their contact list," read the report.
"Victims of these scams may be used to unknowingly transfer fraudulent funds on behalf of the perpetrators. In 2014, the IC3 received 2,417 'business email compromise' complaints with a total reported loss of $226m."
Phishing is commonly listed as one of the biggest problems facing businesses. Verizon reported in April that a staggering one in four phishing attacks detected on its network are successful.
Social media-based scams were listed as another boom area for cyber criminals, accounting for 12 percent of all reported incidents.
"Over the last decade, the growth and popularity of social media has increased. Criminals have exploited social media by phishing for unwary users to fall victim to their scams," read the report.
"The IC3 complaint data shows that 12 percent of the complaints submitted in 2014 contained a social media aspect. Complaints involving social media have quadrupled over the last five years."
Popular social media attack strategies over 2014 included click-jacking, doxing and pharming.
Attacks harvesting virtual currencies were listed as another growth area. "In 2014, virtual currency schemes reported to the IC3 more than doubled from the previous year. Bitcoin, litecoin, and peercoin, just to name a few, are popular types of virtual currencies," read the report.
"As this type of currency becomes more popular, criminals have comprised new ways of capitalising on this market, bilking millions of dollars from victims around the globe."
Popular tactics included crypto currency mining scams and hacking into virtual wallets.
The FBI report follows concerns about the US government's cyber security strategy.
Over 140 big name companies, including Apple, Google and Microsoft, sent a letter to the White House on Tuesday urging president Obama to reject proposals that would diminish businesses' ability to protect data using encryption.
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