Cybercrime To Soar in the Next Five Years

According to new estimates from Statista's Cybersecurity Outlook, the worldwide cost of cybercrime is expected to soar in the next five years. Statista estimates cybercrime's fiscal damage to rise from $8.44 trillion in 2022 to $23.84 trillion by 2027, nearly tripling in only five years.

by | Dec 12, 2022 | Tech Insights

According to new estimates from Statista’s Cybersecurity Outlook, the worldwide cost of cybercrime is expected to soar. Statista estimates cybercrime’s fiscal damage to rise from $8.44 trillion in 2022 to $23.84 trillion by 2027, nearly tripling in only five years.

Increasingly more companies are turning to Internet and Cloud solutions for their business operations. This phenomenon creates more potential opportunities for cyber criminals to exploit. This exponential rise should come to no surprise, as companies have increasingly digitalized, partly due to the COVID-19 pandemic. Statista explains: “The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing.”

How did the pandemic embolden hackers?

Consequently, the dramatic shift in cybercrime has emboldened hackers in several ways. The vast number of techniques hackers employ are becoming more advanced, with numerous tools being created to help hackers. These tools include newly unearthed phishing-as-a-service platforms. These malicious platforms offer an array of tools: providing hackers with customized phishing kits, campaign success tracking tools, management of redirect pages, tools to configure attacks, generation of malicious URLs, among many other nefarious tools.

As a result of the growing prevalence of cybercrime, there is a growing awareness of data risks and threats. While IT security may not have been a priority before, it is now increasingly becoming a dominant part of top-level strategic business planning.

Furthermore, the adoption of cybersecurity is expected to grow due to increasing internet penetration and usage among both developed and developing countries. Companies are steadily turning to reliable IT security firms to employ the latest, state-of-the-art cybersecurity software solutions.

Firms like ours, Network Security Associates, provide a comprehensive solution for companies. We employ a product suite of Cloud solutions, security software, and IT infrastructure and services. We even provide 24/7 human assistance for any of your needs. Many are turning to reliable, secure IT service firms to safeguard their business operations. Ensuring protection in an ever-changing technological landscape should be a priority! Contact the premiere Las Vegas IT security firm, Network Security Associates, today!

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