Cyber threats soaring with projected costs to hit $18 trillion by 2030

TLDR:

– Cyber attacks cost the world economy $8 trillion in 2023 and are projected to reach $18 trillion by 2030.

– The average cost of a data breach in 2023 varied by country, with the United States bearing the highest cost.

Technology has advanced rapidly, with most devices in households being always online, creating more vulnerabilities for cyber attacks. The global cost of cyber attacks has soared to $8 trillion USD in 2023 and is projected to double to $17.9 trillion by 2030. Many industries, including healthcare, manufacturing, and finance, are at risk of cyber attacks, with ransomware being a significant threat due to the rise of cryptocurrency. DDoS attacks have also increased, with Taiwan experiencing a surge during a tense political period.

Businesses are looking to increase their cybersecurity spending to combat cyber threats, with the adoption of AI tools and automation playing a significant role in reducing costs. Companies that extensively use AI have been found to save significant amounts compared to those that don’t. It is crucial for organizations and individuals to invest in cybersecurity measures, employee training, and threat detection and response to mitigate the impact of cyber attacks.