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.”
As more and more people turn online, whether, for work or their personal lives, there are more potential opportunities for cybercriminals to exploit. At the same time, attacker techniques are becoming more advanced, with more tools available to help scammers. 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.”
Cybercrime is not targeted only at big businesses. In fact, small to medium businesses (SMBs) are easier targets for several reasons. Typically these businesses ignore the potential threats, don’t have the in-house resources or experience to know how to protect themselves and there are more SMBs to target in the economy.
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