Since 2018, cybersecurity spending has increased by 78 per cent , starting from $102.7 billion and rising to over $150 billion by 2020, Statista projects that this figure will reach $183 billion in 2024
A recent report reveals that the financial impact of cybercrime is growing much faster than investments in cybersecurity. Despite businesses and organisations significantly increasing their spending on cybersecurity measures, the cost of cyber-attacks continues to rise at an alarming rate.
Since 2018, cybersecurity spending has increased by 78 per cent , starting from $102.7 billion and rising to over $150 billion by 2020. Statista projects that this figure will reach $183 billion in 2024. These numbers reflect the growing awareness and efforts to strengthen digital defences against various cyber threats.
However, the financial toll of cybercrime has surged by an astounding 972 per cent over the same period. In 2024 alone, cyber attacks are expected to cause damages amounting to $9.2 trillion, which is $1.1 trillion more than the previous year. This represents a twelvefold increase compared to six years ago.
The comprehensive cost of cybercrime includes stolen money, damage and destruction of data, lost productivity, theft of intellectual property, breaches of personal and financial data, and business disruptions following attacks.
Looking ahead, the financial burden of cybercrime is not expected to ease. The report predicts that global cybersecurity spending will reach $200 billion by 2025. Meanwhile, the cost of cybercrime is projected to hit $13.8 trillion by 2028, a 49% increase from this year.
These findings highlight a critical challenge for businesses worldwide: even as they increase their cybersecurity budgets, the scale and sophistication of cyber threats continue to grow rapidly. This trend places significant financial pressure on organisations as they strive to protect sensitive data and maintain operational integrity in the face of escalating cybercrime.