Welcome to the First Column IT Tech Blog

HomeBlog
The Global Annual Cost of Cybercrime Will Break $10 Trillion by 2025

The Global Annual Cost of Cybercrime Will Break $10 Trillion by 2025

October 11, 2023

Security is a major pain point for businesses of all industries and sizes, and the numbers reflect this. Here are some of the most notable statistics we could find that prove just how important security is to not just your business, but all businesses.

The Projected Global Annual Cost of Cybercrime in 2023: $8 Trillion

It’s estimated that there are 400 million small and medium-sized businesses all around the world, equating to around $20,000 of damage to each of them on average. Granted, cybercrime is not going to impact each of them equally, and some companies might experience more troubles than their peers.

The Projected Global Annual Cost of Cybercrime in 2025: $10.5 Trillion

Look, cybercrime is only going to get worse, so what did you expect from a future number? If the above 400 million SMBs would suffer $20,000 of damage each in 2023, then this number would increase to $26,250 to reflect 2025’s increase—again, not distributed evenly, but still quite large and enough to be concerning.

If it isn’t clear yet, this cybersecurity trend will only grow worse over time, and you need to take action now before it’s too late. Start protecting your business so you can protect your future in the process.

Phishing Attacks Cause 80% of Cybercrime in the Technology Industry

Phishing can be classified as any communication that is used to illicitly gain access to a resource, and it’s a massive threat that cannot be ignored. It’s mostly used as a vector for spreading other types of threats. To put things in perspective, four out of every five attacks will involve phishing in some capacity, so your team will need to know how to identify and stop it.

Do These Numbers Convince You to Take Cybersecurity Seriously?

First Column IT can help you implement solutions that can optimize your security and protect your network from threats. Learn more by calling us today at (571) 470-5594.

‍

Previous Post
September 13, 2024
These Four Considerations Can Help You Choose the Right Tech for Your Business
Many business owners struggle with technology that doesn’t meet their needs. We often hear from companies disappointed with their technology investments because they lack the right tools.
September 11, 2024
Tip of the Week: How to Share Large Files
Collaboration is essential for modern business functionality, which often means that your team members will need to share files of all sizes. The trouble is that larger files have historically been a pain to share.
September 9, 2024
How to Get Your Spreadsheets to Accurately Add Time
Handling time calculations in a spreadsheet can often feel frustrating—especially when you’re just trying to add them up. Luckily, both Microsoft Excel and Google Sheets have built-in functions specifically designed for this purpose, making the process more manageable.

Have a project in mind?

Start with our free consultation. We will provide a detailed proposal and firm quote based on your specific IT support needs. All at a predictable monthly cost per seat.
Free Consultation - Sign Up Here