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
January 31, 2024
How Oversharing on Social Media Can Have Unforeseen Consequences
Data security is an integral part of not just business operations but everyday life at this point. Most people agree that specific measures to protect data security, like verifying emails and updating antivirus software, are reasonable. However, one aspect that many people fail to consider is oversharing information on social media.
January 29, 2024
Managed Services Does a Great Job of Reducing Support Costs
Cost is a massive issue for nearly every single business out there. You have to have a measured approach to investment to maximize the ability to create returns. One of the best ways for companies to do this in technology is to partner with a managed services provider. “Why?” you may ask. We go into three ways we can bring value in today’s blog. 
January 26, 2024
Here Are Some of the Coolest Tech from CES 2024
January is host to the Consumer Electronics Show, or CES, which takes place in Las Vegas. It’s an opportunity for companies to show off thousands of neat ideas, concepts, and devices, and if you’re a tech nerd like us, it’s total heaven. It’s also interesting to see what trends can be seen and how they might be brought into a business or consumer landscape.

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