Cybercrime Expected To Skyrocket in Coming Years
We still don't have an end to cybercrime attacks.
According to estimates from Statista’s Cybersecurity Outlook, the global cost of cybercrime is expected to surge in the next five years, rising from $8.44 trillion in 2022 to $23.84 trillion by 2027. 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.”
Attacker techniques are becoming more advanced, with more tools available to help scammers.
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 Outlook 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.”
According to a report released by the FBI, losses to cybercrime increased significantly in 2021.
The losses - which are located mainly in the U.S. but were collected around the world - are estimated at $6.9 billion last year, up from $4.2 billion in 2020. Out of all victims recorded by the FBI, 59 per cent were located in the U.S., 38 per cent in the UK and 3 per cent elsewhere.
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