In 2023, the global annual cost of cyber crime is predicted to top $8 trillion, according to a recent Cybersecurity Ventures report. This seemingly enormous figure might still be a major underestimate.
In 2021, U.S. financial institutions lost nearly $1.2 billion in costs due to ransomware attacks alone. That was a nearly 200% increase over the previous year. If we continue at that rate, next year could see global costs approaching $16 trillion.
Why might costs be so high? Here are seven reasons why cyberattack rates and costs will rise dramatically in 2023.
Reason 1: The Economy
The Cybersecurity Venture report correctly identified the talent crunch as a reason for concern. But the problem has even deeper roots. The worldwide economic outlook continues to face stiff headwinds. Inflation, the energy crisis and supply chain issues are affecting every industry. Inflation will increase the overall cost of cyber crime as preventive and remediation costs rise.
While inflation is not directly related to the number of incidents, it does impact company budget decisions. In response, some of the biggest tech brands are reducing headcounts and implementing hiring freezes. Meanwhile, security teams have been stretched thin for years. If security budgets don’t rise with inflation, security leaders will have even less buying power to implement strong security and capable teams.
Reason 2: Malware-as-a-Service
Ransomware has plagued businesses, governments, indi ..
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