Cybercrime costs set to hit $13.8 trillion by 2028; up by 70%

Cybercrime is a growing threat to companies and organizations worldwide, with costs ballooning to astronomical figures. As costs continue to rise, companies must prioritize cybersecurity measures to protect themselves from this ever-evolving danger.

According to data shared by Stocklytics.com, the annual cost of cybercrime will hit $9.2 trillion in 2024, one trillion more than last year. Furthermore, projections indicate a staggering 70% increase by 2028, reaching a jaw-dropping $13.8 trillion.

Costs Skyrocket Year After Year

Despite efforts to fight cybercrime, attacks like ransomware, data breaches, and phishing continue to wreak havoc. The Allianz Risk Barometer highlights the fear of cybercrime, with 40% of respondents naming it their biggest concern in 2023. This fear is justified considering the rising costs.

A Statista Market Insights survey reveals a 245% increase in global cybercrime costs between 2018 and 2020, jumping from $860 billion to a staggering $2.95 trillion. This includes financial losses, data destruction, lost productivity, and reputational damage. The pandemic accelerated digitalization, nearly doubling these costs to $5.49 trillion in 2021. Since then, the annual cost has been rising by over a trillion dollars each year.

Cybercrime Cost to Surpass Major Economies

In 2024, cybercrime is projected to cause $9.22 trillion in damages, exceeding the GDP of countries like Japan, Germany, India, and the United Kingdom. This figure is expected to skyrocket by 2028, reaching a staggering $13.82 trillion, a 16-fold increase from 2018.

Companies Increase Cybersecurity Spending

The rising cost of cyber attacks is forcing companies to invest more heavily in cybersecurity. In 2023, spending on security solutions and services reached $166.2 billion, and it’s expected to rise to $183.1 billion in 2024. Statista predicts continued growth, reaching $273.5 billion by 2028. In the next four years alone, companies are estimated to spend over $1.1 trillion on cybersecurity measures.

The full story and statistics can be found here:  https://stocklytics.com/content/annual-cybercrime-cost-to-jump-by-70-and-hit-13-8-trillion-by-2028/