As more individuals go online for both personal and professional reasons, there are more opportunities for cybercriminals to take advantage of. Cybercrime is expected to skyrocket in the coming years to $23.84 trillion.
The cost of cybercrime globally is anticipated to increase over the next five years, going from $8.44 trillion in 2022 to $23.84 trillion by 2027, according to projections from Statista’s Cybersecurity Outlook.
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Cyber Crime Magazine defines cybercrime as the “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, and reputational harm.”
According to Statista’s Anna Fleck, as more individuals go online for both personal and professional reasons, there are more opportunities for cybercriminals to take advantage of. In addition, there are more tools accessible to aid con artists as attacker tactics progress. Cyberattacks underwent a particular change during the coronavirus pandemic, as explained by Statista’s Outlook analysts:
“The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing.”
Find out more about the most expensive cyberattacks here.