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Cost Of Cybercrime Expected To Rise To 23.84 Trillion By 2027
December 2022 by Statista
In 2018, Statista estimated costs related to cybercrime at $860 billion worldwide.
However, with more tools available to scammers, the cost of cybercrime has grown by nearly 10x since then, and as cyber criminals become more advanced, the damages done by cybercrime are only expected to grow.
The cost of cybercrime is expected to rise from $8.44 trillion in 2022 to $23.82 trillion by 2027.
The increase represents a 284% jump in the cost of cybercrime over the next five years.
Security Services Market Projected To Reach $84.96 Billion In 2022
The cybersecurity market is projected to reach $156.30 billion in revenue in 2022.
The market’s largest segment is security services with a projected market volume of US$84.96 billion in 2022.
Revenue is expected to show an annual growth rate of 10.92%, resulting in a market volume of $262.40 billion by 2027.
Check out some of the key players in the cybersecurity market below.
Business Email Compromise Is Most Costly Cybercrime Threat
According to FBI Internet Crime Report 2021, 59 percent of cybercrime victims were located in the United States.
Business email compromise represented the biggest form of cybercrime, according to the report. However, reports for investment scams were up 333 percent in 2021.
Romance fraud, personal data breach, and real estate or rental scams rounded out the list of the top-five most costly forms of cybercrime.
• Business Email Compromise: $2.396B
• Investment: $1.456B
• Confidence/Romance Fraud: $956M
• Personal Data Breach: $517M
• Real Estate/Rental Fraud: $350M
United States To Generate Most Cybersecurity Revenue
According to Statista, the United State leads the list of countries that earn the most cybersecurity revenue.
The US is expected to earn $102.3 billion in cybersecurity revenue by 2027, a 61.8 percent increase over the projected $63.28 billion earned in 2022.
China, Japan, United Kingdom, and Germany round out the top-five countries in terms of cybersecurity revenue worldwide.
Of course, it should come as no surprise that the United States tops the list, as it earns nearly 5x as much as the next-highest country (China).
A report by Surf Shark recently revealed that data from the FBI’s Internet Crime Complaint Center marked Nevada as the state with the most cybercrime. The state represented 49 percent of all reported cybercrime victims in the United States.
Other states with high rates of cybercrime include Iowa, Alaska, and Florida.
