As organizations continue to invest billions of dollars annually in cybersecurity to protect sensitive data and critical assets, a new report revealed on Monday that global cybercrime costs have surged 12 times faster than cybersecurity spending over the past six years.
According to Stocklytics.com, cybersecurity spending has grown by 78% since 2018, while cybercrime costs have soared by 972% during the same period.
In 2018, global spending on cybersecurity measures was $102.7 billion. By 2020, this figure had risen to over $150 billion.
Statista projects that annual spending on cybersecurity solutions and services will reach $183 billion this year, reflecting a 78% increase from six years ago.
Cyber attacks, including ransomware, data breaches, cyber espionage, and phishing, are expected to cause damages totaling $9.2 trillion in 2024. This is $1.1 trillion more than last year and a staggering 972% increase from six years ago.
“These costs encompass stolen money, data damage and destruction, lost productivity, theft of intellectual property and personal or financial data, business disruption post-attack, data and system restoration, and reputational harm,” the report stated.
Furthermore, the report projects that global cybersecurity spending will reach $200 billion by 2025—50 times less than the annual cost of cybercrime.
By 2028, cybercrime is expected to cost businesses a staggering $13.8 trillion, marking a 49% increase from this year, the report noted.
Source: newsroomodisha.com
