Cost of Cybercrime Estimated 15.6 Trillion in 2029
Statista projects that the total cost of cybercrime will increase from $6.4 trillion between 2024 and 2029, reaching a staggering $15.63 trillion by the end of this period.
They reported: “The global indicator ‘Estimated Cost of Cybercrime’ in the cybersecurity market was forecast to continuously increase between 2024 and 2029 by in total 6.4 trillion U.S. dollars (+69.41 percent).
“After the eleventh consecutive increasing year, the indicator is estimated to reach 15.63 trillion U.S. dollars and therefore a new peak in 2029. Notably, the indicator ‘Estimated Cost of Cybercrime’ of the cybersecurity market was continuously increasing over the past years.
Ransomware and manufacturing industry
“Cyberattacks remain a significant challenge for organizations worldwide, sectors such as manufacturing, finance, and insurance were the most affected by these attacks. Among the various types of cyber threats, ransomware was the most frequently detected, accounting for around 70 percent of all incidents. The manufacturing industry, in particular, faced the highest number of ransomware attacks, making it the most targeted sector globally.
Cybersecurity awareness and investments
“Organizations worldwide became increasingly aware of the dangers posed by cyberattacks, approximately 40 percent of internet users became familiar terms such as with “ransomware.” In response to these threats, companies invested more in cybersecurity. In 2024, the average annual increase in IT security budgets was expected to reach 5.7 percent. In fact, for companies worldwide, enhancing the cyber resilience of their cybersecurity teams was the top spending priority in 2023.
Source: https://www.statista.com/forecasts/1280009/cost-cybercrime-worldwide
Who is Statista? Statista is a global data and business intelligence platform with an extensive collection of statistics, reports, and insights on over 80,000 topics from 22,500 sources in 170 industries. Established in Germany in 2007, Statista operates in 13 locations worldwide and employs around 1,100 professionals.
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