Get ready for $92 trillion cybersecurity threat in 2024

TLDR:

• Cybercrime costs are projected to reach $9.2 trillion in 2024
• Contributing factors to the rise in cybercrime include growing attack surface, geopolitics, cybersecurity skills shortage, low barrier of entry, and lack of awareness

According to a Statista Market Insights survey, the annual cost of cyberattacks is expected to hit $9.2 trillion in 2024, surpassing even the revenues of some of the largest corporations in the world. The rise in cybercrime costs has been significant, increasing by 245% from $860 billion to $2.95 trillion between 2018 and 2020. Factors contributing to the exponential growth of cybercrime include the proliferation of IoT devices, geopolitical tensions leading to state-sponsored attacks, a shortage of skilled cybersecurity professionals, the popularity of ransomware-as-a-service, and a lack of awareness among individuals and organizations.

To protect against cyber threats, individuals are advised to keep their devices up-to-date, use antivirus software, exercise caution when clicking links, enable firewalls, use strong and unique passwords, enable disk encryption, and limit user privileges. By following these security practices, individuals can reduce their risk of falling victim to cybercrime.