Cybercrime Expected To Skyrocket in Coming Years

According to estimates from Statista’s Market Insights, the global cost of cybercrime is expected to surge in the next four years, rising from $9.22 trillion in 2024 to $13.82 trillion by 2028. Cybercrime is defined by Cyber Crime Magazine 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.”

As more and more people turn online, whether for work or their personal lives, there are more potential opportunities for cyber criminals to exploit. At the same time, attacker techniques are becoming more advanced, with more tools available to help scammers. The coronavirus pandemic saw a particular shift in cyber attacks, as Statista’s Market Insights analysts explain: “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.”