Cybercrime is predicted to cost the world $8 trillion in 2023, according to Cybersecurity Ventures. If it were measured as a country, cybercrime would be the world’s third-largest economy after the U.S. and China.
“We expect global cybercrime damage costs to grow by 15 percent per year over the next three years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015.”
Cybercrime costs include: 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.
The 2022 Official Cybercrime Report provides cyber economic facts, figures, predictions, and statistics that convey the magnitude of the cyber threat we are up against and market data to help understand what can be done about it.
The report provides a breakdown of the cybercrime damage costs predicted in 2023:
- $8 trillion a Year.
- $667 billion a Month.
- $154 billion a Week.
- $21.9 billion a Day.
- $913 million an Hour.
- $15.2 million a Minute.
- $255,000 a Second.
Who’s at risk?
Moody’s recently named the riskiest industries: Critical infrastructure — including electric, gas, and water utilities and hospitals — faces very high cyber risk exposure. Banks, telecommunications, technology, chemicals, energy, and transportation services face high cyber risk exposure.
More than half of all cyberattacks are committed against small-to-midsized businesses (SMBs), and 60 percent of them go out of business within six months of falling victim to a data breach or hack.
Protecting your organization
Cybersecurity solutions have become complex and are rapidly changing, with more cyber threats coming from every direction. Yeo & Yeo Technology is an industry-leading IT and cybersecurity consulting firm in Michigan. We provide solutions to help you detect and stop advanced cyberattacks, meet compliance requirements and educate your employees. Contact us to learn more about how we can protect your business from cybercrime.