Cybercrime To Cost The World $9.5 Trillion USD Annually In 2024 — Cybersecurity Ventures
Steve Morgan, Founder at Cybersecurity Ventures
New York, Oct 26th, 2023 -- According to Cybersecurity Ventures, the publisher of Cybercrime Magazine, the global annual cost of cybercrime is predicted to reach $9.5 trillion USD in 2024. Compounding this is the rising cost of damages resulting from cybercrime, which is expected to reach $10.5 trillion by 2025.
“We expect global cybercrime damage costs to grow by 15 percent per year over the next two years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015.
The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today” says Steve Morgan, Founder at Cybersecurity Ventures.
Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, reputational harm, legal costs, and potentially, regulatory fines.
The statistics presented in the 2023 Official Cybercrime Report by Cybersecurity Ventures, sponsored by eSentire, demonstrate that there is no end to cyber risk. Therefore, our executive and board-level conversations must shift to how we are actively improving cyber resilience, and putting our organizations ahead of disruption.
An explosion in mobile, cloud, Internet of Things (IoT), and remote tools has permanently transformed how consumers and businesses utilize technology. While this has paved the way for innovation, new businesses, and closer bonds between business partners around the globe, it has also, unfortunately, dramatically increased the digital attack surface.
“The insight of over 2,700 risk management professionals from 94 countries and territories, analyzed and published in the 2023 version of the Allianz Risk Barometer, indicates that close to half — 45 percent — of experts say cyber incidents are the most feared cause of business interruption, even more so than natural disasters or energy concerns,” adds Morgan.
A breakdown of global cybercrime damage costs predicted by Cybersecurity Ventures in 2024:
$9.5 trillion USD a year
$793 billion USD a month
$182.5 billion USD a week
$26 billion USD a day
$1 billion USD an hour
$18 million USD a minute
$302,000 USD a second
Security leaders who can demonstrate the financial consequences of a cyberattack and business downtime to their executive teams are more than likely going to get the budget required to prevent business disruption and protect their customers’ sensitive data.
“When comparing the average daily cost of revenue disruption to the cost of building out and maintaining a DIY security operation, or investing in an outsourced 24/7 extension of your security team, the choice to partner with trusted experts in cybersecurity is clear,” Morgan concludes.
Cybercrime has evolved with threat actors modeling their strategies after enterprise organizations (for example: through role differentiation, using as-a-service business models, and sophisticated malware distribution). The best way to combat the dynamic threat landscape and continue to scale your business operations securely, is to partner with an organization who is as focused on preventing threat disruption to help you reclaim the advantage and improve your overall cyber resilience.
Other Key takeaways from the report include:
Why ransomware is considered to be the “most immediate threat” on a global scale and how ransomware damage costs are expected to rise by 2031
How the popularity of cryptocurrency has led to a sharp rise in cryptocrime and how much cryptocurrency crime will cost the world by 2025
The impact of geopolitical tensions on the number of cyberattacks targeting both public and private organizations
Why small businesses are easy targets for cybercriminals
For more information or to read the full report, please visit cybersecurityventures.com.