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
June 12, 2024
The State of the IoT for Businesses in 2024
The Internet of Things (IoT) is no longer a futuristic concept. It's here, and it's transforming the way businesses operate in 2024. From manufacturing to healthcare, IoT applications are making waves. They're enabling real-time data collection and analysis, leading to smarter decision-making. 
June 10, 2024
Smart Devices on Your Network? Here's How to Deal with Them
Businesses everywhere are adding smart devices to their IT, and for good reason. They offer convenience and efficiency but can pose a significant network security risk. These devices, part of the Internet of Things (IoT), often lack robust security features. This makes them an attractive target for cybercriminals.
June 7, 2024
Co-Managed IT Can Help Alleviate Some Technology Troubles
If your organization has an internal IT department, chances are they're managing a complex infrastructure while being understaffed and overworked. This isn't a criticism; it's simply the reality for many SMBs (we understand this well). We can ease the burden on your IT team and streamline your technology management.

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