In 2023, the global annual cost of cyber crime is predicted to top $8 trillion, according to a recent Cybersecurity Ventures report. This seemingly enormous figure might still be a major underestimate.
In 2021, U.S. financial institutions lost nearly $1.2 billion in costs due to ransomware attacks alone. That was a nearly 200% increase over the previous year. If we continue at that rate, next year could see global costs approaching $16 trillion.
Why might costs be so high? Here are seven reasons why cyberattack rates and costs will rise dramatically in 2023.