February 11th Who pays for the damage caused by cybercrime? IBM says it’s the consumers.
This week on cybersecurity from the editors of Cybercrime Magazine
Sausalito, California – February 10, 2024
Cybercrime is estimated to cost the world $8 trillion in 2023, and this figure is expected to reach 9.5 trillion dollars in 2024 and exceed $10.5 trillion in 2025, according to Cybersecurity Ventures.
A recent report IBM has revealed a record number of data breaches, with the average cyberattack resulting in losses reaching US$4.45 million.
It is difficult to predict the exact financial toll of cyberattacks in the coming years, due to the dynamic and complex nature of digital threats. However, ideas from Cybersecurity Venturesreflecting on the past five years, provides a framework for future projections.
But who pays for the damage?
According to IBM “Cost of a Data Breach Report 2023,“It’s the customers. Businesses that have suffered cyberattacks typically pass these costs on to consumers in the form of increased prices for services and subscriptions.
To understand how we can reduce the cost and impact that cyber threats could have on us, it is necessary to understand the different types of attacks, how they work and who the biggest victims are. A blog post of ExpressVPN covers the 6 Most Common and Damaging Types of Cyberattacks and what consumers can do to protect themselves.
Cybercrime Magazine is the front page for cybersecurity. Access one of our sections to read the latest news:
- SCAM. The latest schemes, frauds and social engineering attacks launched against consumers around the world.
- NEWS. Comprehensive coverage of cyberattacks and data breaches, plus the latest privacy and security articles.
- TO HACK. Another organization is hacked every day. We tell you who, what, where, when and why.
- RESUME. Cybersecurity venture deals track the latest investment activity from various sources across the globe.
- Mergers and Acquisitions. Cybersecurity mergers and acquisitions, including big tech, pure-play cybersecurity, product providers, and professional services.
- BLOG. What’s happening at Cybercrime Magazine. Plus the stories that don’t make headlines (but maybe they should).
- PRESS. Real-time cybersecurity industry news and press releases from Business Wire editors.
- PODCAST. New daily episodes on the Cybercrime Magazine podcast feature victims, law enforcement, vendors, and cybersecurity experts.
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