Cybercrimes in 2023: Global Annual Cost Predicted to Top $8 Trillion

Posted January 25, 2023 by proximitumsoftwareintegrator

The year 2023 sees a sharp rise in global cybercrime, with indicators pointing toward a record-breaking annual cost of more than $8 trillion. Preparations are underway to combat this threat.
[London, 25-01-2023] Cybersecurity Ventures’ recent report predicts that global cybercrime costs are on track to reach staggering proportions. The U.S. financial sector bore the brunt of this in 2021, with ransomware attacks incurring almost $1.2 billion in lost costs. This is a 200% increase from the previous year, and if this growth rate continues, global losses could reach $16 trillion by 2023.
The mounting costs of cybercrime are not limited to direct financial losses. Inflationary pressures will drive up preventive and remediation costs, forcing companies to reassess their budgets to meet modern cyber threats’ demands.

Pressing concerns increase cybercrime threats

The fast-growing market for ransomware and other malware tools has made it easier than ever for threat actors to access powerful weapons. This accessibility has led to an exponential increase in attack rates, with many threat actors preferring to target smaller organizations due to their weaker security. Organizations unable to afford cyber insurance face the prospect of significant coverage limitations, with insurers increasingly likely to decline coverage altogether.
Hacktivism is also a significant factor in the growth of cybercrime. Online protests have grown over the past decade, and 2023 is no exception. Hacktivists are now targeting companies, government bodies, and other organizations to make their voices heard.
At the same time, rising political tensions worldwide have resulted in a marked decrease in collaborative efforts to combat cybercrime. In the absence of cooperation and intelligence-sharing, organizations are more exposed than ever before.

Attack surface expansion with remote work and cloud sharing

The shift to remote working has had a profound effect on cybersecurity. With less stringent controlling networks, many organizations have become easy targets for threat actors as their attack surface has expanded outside the traditional corporate environment.
As the threat landscape continues to evolve and become more complex, organizations need to remain vigilant and invest in cyber resilience. This is where IT support can step in to help protect organizations from the increasingly sophisticated attacks of cybercriminals. Companies such as Proximitum specialize in encompassing cybersecurity solutions to protect against possible cyber threats. This includes cloud security solutions, endpoint protection, and secure remote access.

About Proximitum

With more than 20 years of deep industry knowledge, Proximitum helps organizations remain secure and compliant. As an experienced software integrator and cloud enabler, Proximitum offers a wide range of services to meet the demands of customers and the changing digital landscape. This includes cloud management and access tools to help organizations manage their adoption of cloud technologies, as well as hosting and application solutions.
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Issued By Proximitum
Country United Kingdom
Categories Business
Last Updated January 25, 2023