Breathe
By Ana Cecilia Pérez
The cybercrime economy has grown exponentially over the last decade, becoming a multi-billion dollar industry operating in the shadows of the global economy. This growth reflects not only the evolution and sophistication of the tactics employed by cybercriminals but also the vast and often vulnerable digital space that businesses and individuals navigate on a daily basis. The following explores the economic dimension of cybercrime, its implications and how individuals and organizations can protect themselves.
The magnitude of cybercrime
Cybercrime encompasses a wide range of illicit activities, from financial fraud, identity theft, to critical infrastructure attacks and ransomware. According to Cybersecurity Ventures, the global cost of cybercrime is expected to reach $10.5 trillion annually by 2025, a significant increase from $3 trillion in 2015. This figure includes not only the money stolen or the cost of ransomware paid but also the expenses associated with business interruption, lost productivity, intellectual property theft, and reputational damage to affected organizations.
