Anticipating The Economic Impact of Cybercrime in 2024

by John Allegro | February 08, 2024

According to Cybersecurity Ventures, cybercrime is projected to cost the world $9 trillion in 2024, up from $3 trillion in 2015. How will this expected cost impact businesses and their clients? And how critical is the role of training to reinforce strong behaviors and safeguard them against potential threats? 

The Rising Tide of Cybercrime

The astronomical projection of $9 trillion in global cybercrime raises serious concerns about the impact on the companies and individuals you do business with. Cybercriminals are becoming increasingly sophisticated, targeting personal and financial information through various means, including phishing attacks, ransomware, and data breaches. Attackers are using AI, which offers them more sophisticated threat delivery methods and the ability to perform more intense web scans for Personally Identifiable Information (PII).

The proliferation of interconnected devices through the Internet of Things (IoT) has significantly expanded the attack surface for cybercriminals. Without any integrated protections, IoT devices such as smart TVs and room controls can be compromised within minutes after they are connected to the internet.

Impact on Business

A Managed Security Service Provider (MSSP) plays a crucial role in supporting businesses with their IT security needs. An MSSP must be responsive in order to protect your business as cyber threats evolve and become more sophisticated.  The expected surge in cybercrime costs will undoubtedly put additional pressure on businesses to enhance their security measures and stay ahead of cybercriminal tactics.

Your business staff should also be aware of the potential risks associated with cyber threats. From data breaches that expose sensitive information to ransomware attacks that can cripple operations, the fallout from a successful cyberattack can be severe. Employees must prioritize cybersecurity and invest in offsetting these potential threats.

The Role of Training in Cybersecurity

While investing in secure hardware and applications is imperative, it is equally important to invest in cybersecurity training. Human behavior remains a critical factor in the defense against cyber threats. Users often unknowingly become the weak link in the security chain. They can easily fall victim to phishing scams or by unintentionally compromising sensitive information. Training programs that educate users about cybersecurity best practices are crucial in reinforcing a strong security posture. This is why cybersecurity awareness training is a major component of BBH Solutions' MSSP services.

The battle against cybercrime requires a collective effort, and through awareness and education, we can mitigate the impact of cyber threats on individuals and businesses alike.