The Cost of Cybercrime in 2024

The Cost of Cybercrime in 2024

One of the significant challenges that consumers face today is the ever-growing threat of cybercrime. According to Cybersecurity Ventures, cybercrime is projected to cost the world $9 trillion in 2024. How will this expected cost impact businesses and what can you do to avoid it? Let’s dive in. 


The Risk

The astronomical projection of $9 trillion in global cybercrime raises serious concerns about the impact on individual consumers. Cybercriminals are becoming increasingly sophisticated, targeting individuals’ personal, professional, and financial information through various means, including phishing attacks, ransomware, and data breaches. As consumers rely more on digital platforms for communication, commerce, and entertainment, the risk of falling victim to cyber threats becomes even more significant.  


What to do

The expected surge in cybercrime costs will undoubtedly put additional pressure on businesses to enhance their security measures and stay ahead of cybercriminals. The most effective way to achieve this is by strengthening security measures and patching vulnerabilities.  

To identify these vulnerabilities, businesses need to consider a network assessment- a comprehensive examination of their IT infrastructure to uncover weaknesses and potential entry points for hackers. 

Experts recommend preparing for the predicted increase of cybercrime by addressing all technology project backlogs within your company. Completing these projects will not only bolster security but also contribute to a more fortified and resilient digital environment.   

The name of the game in 2024 is security. Businesses are advised not to take any chances when it comes to protecting their sensitive information and digital assets. Get your technology backlog taken care of today. 

Speech bubbles

Let’s Talk