Cyber attacks are a threat to businesses of all sizes and in all industries. With cybercrime rising by 600% during the pandemic, businesses are more vulnerable than ever to the financial and reputational repercussions of cyberattacks. This makes it even more important for businesses and organizations to make cybersecurity a priority.
Costs of Cybercrime
Global cybercrime costs are on the rise, increasing 15 per cent year over year, according to a 2021 cyberwarfare report by CyberSecurity Ventures. By 2025, it is estimated that cybercrime will cost businesses worldwide $10.5 trillion annually.
With the global cost of cybercrime at $3 trillion in 2015, that’s more than a threefold increase over a decade. This represents the “greatest transfer of economic wealth in history,” stated the report.