Global cyber crime costs are on the rise.
Over the past few years, there has been an exponential surge of cyber attacks globally. New technologies, a proliferation of threat actors, greater sophistication and innovation skills invested in the cyber underworld are all converging with the radical expansion of our digital world. This month, Statista forecast that global cyber crime costs would rise by 69.94% between 2023 and 2028, reaching the stratospheric high of US $13.82 trillion. By contrast, Gartner has projected that global cyber security and risk management spending in 2024 will total $215 billion. While this disparity is significant and troubling, this is a 14.35% increase over 2023, and notably, a higher rate than the 8% growth projected for all the rest of the global IT spend.
Executive Risk Consultant at ESCROWSURE, Anthony Watson, says: “These forecasts highlight how cyber crime has rapidly become ‘big business’ across the world. Today’s threat actors are not just scammers trying their luck, but include highly organised cyber crime syndicates, well-funded state-sponsored cyber gangs and leading-edge bands of advanced hacktivists.
“Financial institutions are, of…
