Last updated on November 9th, 2020 at 09:42 pm
A quick look at how much money is lost due to poor cyber security practices should make any business owner realize that investing is worth it.
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Do you remember your first fear when it comes to computer safety? Let us guess – fear that your computer would get a virus from an unprotected USB stick? Nowadays, that is the least of our concerns. The time that we live in, counts trillion of cyber criminals who can be serious threats to the whole industry.
With new advancements in technology and our reliance on the internet – cyber crime is even more tempting for criminals.
Important pieces of information are stored online and cyber criminals can get access to confidential information on your finances and medical issues in just a few clicks. Imagine the serious damage they could make! Disrupting the government, corporations and individuals by stealing valuable data that could be used for ransom.
In some cases, when data is not the target – money is. States and companies are giving a huge amount of money just to keep their assets safe.
1. The Worldwide Cyber Security Market Will be Worth $240 Billion by 2025
Back in 2018, the global cyber security market was worth $116 billion. As the risks of cyber attack rises, so does this market. Data breaches and cyber terrorism are the biggest concerns. Statistics by the Grand View Research investigating cyber crime claim that the cyber security business will double by 2025, touching $241 billion.
2. Revenues Generated by Cyber Criminals Reached $1.5 Billion
No, this is not a typo. The fact is that the revenue generated by the cyber criminal equals Russia’s GDP. This is the best indicator to help us understand how profitable cyber crime is. Where does all this money come from? The biggest source of revenue is into the illegal online markets, and about half-billion dollars are trade secrets theft. Do you still think that crime doesn’t pay-off?
3. During 2018 Cyber Crime Made $654 Billion in Damages
Consumer data is the number one target for cyber criminals and that is one of the main cyber security problems. Our data lacks good protection and if cyber attacks intensify, it will be even harder to keep them safe. When it comes to cyber crime in America, Forgerock says that in 2018, almost 3 billion consumer data records were exposed in the United States only. This cost the US $654 billion.
4. American Companies Annually Lose $27 Million due to Cyber Attacks
The US economy is one of the strongest economies in the world. With that being said, it is no surprise that the US is the biggest target for cyber criminals. Cost of Cybercrime study shows that companies in the United States face the biggest cyber attack costs. Last year, companies lost an average amount of about $27 million as a result of cyber attacks. This makes them the most attacked country in the world. Japan is second, with an annual cost of $13 million.
5. The Complete Cost of Ransomware Damage is Predicted to Reach $20 billion by 2021
Cyber security advisers often advise their clients not to pay the ransom as there are numerous cases when the ransom was paid and the files were not given back. And it is not just the ransom companies have to think about. File loss and the downtime are adding up the damage made by ransomware. The global cost of ransomware alone is estimated to more than $11 billion and is expected to double by 2021, reaching more than $20 billion.
Is There Anything That Can be Done?
Sometimes, prevention will cost lots of money, but in times of need it will save even more. As long as the most common password in the world is “123456” we are prone to serious damage and losing our private data and information, as well as serious amounts of money.
The risk of fraud will always exist, as long as the cyber crime develops. All we can do is be well-educated and well-informed to help prevent these criminals from attacking.
A Toronto-born puppy-lover and passionate blogger, Bera cites traveling the world as her hobby and proving people wrong as her hobby. She loves reading up on the newest trends and has a passion for anything creative and trending.