Global Cybersecurity spend to increase as Cybercrime expected to skyrocket.

Increase in cybercrime and cybersecurity investment

It is important to note the increase in cybercrime and cybersecurity investment. This week, cybersecurity experts from all over the world gathered in Dublin for the “Zero Day Con”. This reinforces the threat of cyber attack as a very real focus for business and society . In recent years, the COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work. Also a factor is the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing.

What does cybercrime look like?

Cybercrime costs include damage and destruction of data, stolen money, lost productivity and theft of intellectual property. In addition, there is the theft of personal and financial data, embezzlement, fraud and post-attack disruption to the normal course of business. Consequently, the cost of forensic investigation, restoration and deletion of hacked data and systems, and reputational harm have to be considered.

Estimated cost of cybercrime

As more people go online, there are more potential opportunities for cyber criminals to exploit. At the same time, attacker techniques are becoming more advanced, with more tools available to help scammers. The estimated cost of cybercrime worldwide in 2024 will be $9.22tn, and by 2028 this figure is expected to rise to $13.82tn.

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