12 Mar Annual cybercrime cost to rise by 70 per cent by 2028

According to data by Stocklytics.com, the annual cost of cybercrime is set to rise to an eyewatering figure by 2028.

As we have already seen a prediction that cybercrime costs will cost an average of one trillion more than last year, and it’s expected to further jump an additional 70% in the next four years by USD$13.8 trillion.

According to the Allianz Risk Barometer survey, 40% of those polled stated that cybercrime was their biggest potential threat in 2023.

The Statista Market Insights survey, between 2018 and 2020, also found that the global cybercrime cost rose by 245%, from $860 billion to $2.95 trillion.

As digitalisation continues to gain traction among global organisations, the risk to their cyber security is mounting.

A scary statistic found that cybercrime will inflict USD$9.22 trillion in damages this year, which is more than double the GDP of the largest economies in the world.

Statista further predicted the annual spending on cybersecurity to rise by an average of USD$20 billion per year and peak at USD$273.5 billion in 2028.