First, it’s essential to understand the extent of cybercrime in today’s day and age. According to the 2022 Cybersecurity almanac from Cybersecurity Ventures, cybercrime was estimated to have caused $6 trillion USD in damages globally last year.
This number is up from the $3 trillion USD in 2015, and according to Cybersecurity Ventures, the global cybercrime costs are expected to increase by 15% annually over the next five years, reaching $10.5 trillion USD annually by 2025.
Cybersecurity Ventures also states that “cybercrimes are vastly undercounted because they aren’t reported — due to embarrassment, fear of reputational harm, and the notion that law enforcement can’t help”.
Furthermore, the KPMG 2021 CEO Outlook report says that only 58% of organizations declare being “well-prepared for a cyber attack.” Nevertheless, the focus on cybersecurity is present and growing.