Annual Cost of Cybercrime To Reach 10.5 Trillion By 2025

How much does cybercrime cost the global economy each year? According to a report by Cybercrime Magazine, the annual cost of cybercrime is projected to reach $10.5 trillion by 2025, with phishing attacks posing as one of the highest threats. Some other insights include:

• 80% of reported cybercrimes are attributed to phishing attacks
• 16% of data breach attack vectors are phishing attacks, making it the second most threatening cyberattack
• 3.85 days is the minimum to execute ransomware attacks in 2021, a superlative increase from 60+ days in 2019 

Increase in the Annual Cost of Cybercrime the New Trend

In the rapidly evolving digital landscape, the past few years have witnessed a concerning and escalating trend—a surge in the annual cost of cybercrime resulting from an increase in the sophistication of cyberattacks. 

As technology advances and our reliance on digital platforms deepens, so does the ingenuity and persistence of cybercriminals. 

Cybercriminals have evolved tactics, adopting more sophisticated techniques to bypass security measures, for example:

• Smishing
• Social engineering
• Spear Phishing 
  
  

These techniques have become commonplace in the cybercrime landscape and the increased sophistication is directly fueling the rising annual cost of cybercrime. The level of skill and organization exhibited by threat actors has heightened the challenge of defending against these attacks. 

Cybercrime Costs Mainly Accruing from Critical Infrastructure Targeting

Critical infrastructure, including energy, healthcare, and transportation systems, has become a prime target for cybercriminals which is why these kinds of attacks are the prime contributor to the rising annual cost of cybercrime. The potential impact of disrupting these essential services poses not only financial risks but also jeopardizes public safety. The past five years have seen an alarming increase in attacks aimed at compromising critical infrastructure, prompting heightened cybersecurity concerns. 

• 66% of organizations in 2023 were affected by ransomware attacks, according to Sophos' "The State of Ransomware 2023" report. 
• $650,000 was the median ransomware demand according to the "2023 Unit 42 Ransomware and Extortion Threat Report."

How can Jericho Maximize the Impact of Cybersecurity and Mitigate the Rising Cost of Cybercrime?

The rise in cybercrime statistics over the past few years paints a stark picture of the challenges we face in the digital age. As we navigate an increasingly interconnected world, the need for robust cybersecurity measures has never been more pressing. Organizations and individuals alike must remain vigilant, adopting proactive strategies to mitigate the risks posed by cyber threats. Examples of such strategies include:

Hyper-Personalized AI-Powered Simulations to Mitigate the Cost of Cyber Attacks

• Since a lot of new developments in the world of spearphishing come from the dark web, defensive techniques are better served by raw data fro that sphere too. This is why Jericho uses hyper-personalized AI-powered spearphishing simulations that incorporate dark web data and real-world phishing examples to increase realism and accuracy

Training Content That is Fully Customizable

• Every individual, organization, and situation is different. Cyber attacks leverage that diversity to find loopholes in defenses. Jericho's training content is fully customizable to precisely address challenges such as unique audiences, needs, and risks with a variety of use cases, from AI governance to HR training, leading to higher-impact training

Commitment to Continuous Improvement

• The world of cybercrime and, as a result, cybersecurity are constantly evolving especially with the way AI is developing. Defensive techniques need to keep pace with this increase in sophistication. Jericho is committed to continuous improvement with rapid adaptation to emerging threats and trends to ensure that your organization's defense remains cutting-edge. 

With comprehensive cybersecurity training offerings, powered by advanced generative AI technology, organizations can empower employees with the knowledge and skills necessary to combat emerging threats. 

Sources: IBM, Cybercrime Magazine, Sophos