Global Cybercrime Costs Surge 12x Faster Than Cybersecurity Spending: Report

NEW DELHI: In stark revelation of the escalating cyber threat landscape a report released on Monday highlighted that global cybercrime costs have surged twelve times faster than cybersecurity spending over the past six years. Businesses and organizations have significantly increased their investment in cybersecurity measures and the financial impact of cyber-attacks has grown exponentially.

According to the data, cybersecurity spending has risen by 78% since 2018 as the global expenditures on cybersecurity measures was amounted to $102.7 billion. But, by 2020 this figure had surged to over $150 billion. This year, it is projected to reach $183 billion. These estimates are as per Statista's projections. This increase underscores the growing awareness. Efforts to fortify digital defenses against variety of cyber threats are evident.

Despite these efforts the financial toll of cybercrime has outpaced these investments dramatically. The report noted that cost of cybercrime has ballooned by an astonishing 972% over the same period. In 2024 cyber attacks are expected to cause damages amounting to $9.2 trillion. This figure is $1.1 trillion more than the previous year. It also represents twelvefold increase compared to six years ago.

The comprehensive cost of cybercrime includes stolen money damage and destruction of data, lost productivity theft of intellectual property, personal and financial data breaches and post-attack business disruptions.

Looking ahead the financial burden of cybercrime shows no signs of abating. The report predicts global cybersecurity spending will reach $200 billion by 2025.The projected cost of cybercrime is expected to hit $13.8 trillion by 2028 and this represents a 49% increase from this year.

These findings underscore a critical challenge for businesses worldwide: despite increasing their cybersecurity budgets the scale and sophistication of cyber threats are growing at an alarming rate. This imposes unprecedented financial burdens. Organizations strive to protect their sensitive data. Operational integrity must also be maintained as the battle against cybercrime continues and intensifies.

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