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
February 27, 2023
Will Blockchain Technology Improve Security?
The blockchain is a technology that has really taken off in the past couple of years, with many people asking if the same technology behind cryptocurrencies can be applied to other uses and applications. Let’s consider how the blockchain might be used outside of cryptocurrency and in various industries—particularly for security—in the future.
February 24, 2023
You Can’t Outsource Everything: 3 Parts of Your Business that Need to Remain In-House
Businesses today have more options than ever before for their needs. With so many vendors available outside your typical in-house office environment, you can get most of the services you need via outsourcing. That said, there are certain processes you shouldn’t outsource, even if you think it might be a good idea.
February 22, 2023
Tip of the Week: Optimizing Your Business’ Technology in Three Ways
Businesses cannot run without technology. This relationship has only grown more complicated and complex over time, and with so many businesses depending on their technology in ways never before seen, you’ll have to understand just how great of an impact your technology has on the way your organization runs. Here are three ways you can implement the right tools to see increased success.

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