08 Jan Top 6 Cybersecurity Predictions And Statistics For 2021 to 2025
What you need to know about the trillion dollar cyber economy over the next 5 years
– Steve Morgan, Editor-in-Chief
Northport, N.Y. – Aug. 2, 2022
Cybercrime Magazine extrapolates the top 5 market data points from our research in order to summarize the cybersecurity industry through 2025.
Although the numbers listed below have been featured and quoted (with attribution to us as the source) by hundreds of major media outlets, vendors, academia, governments, associations, event producers, and industry experts — the material is all original research which first appeared in reports published by Cybersecurity Ventures.
1. Global cybercrime damage predicted to hit $10.5 trillion annually by 2025.
If it were measured as a country, then cybercrime — which is predicted to inflict damages totaling $6 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China.
Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.
Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.
2. Global cybersecurity spending will exceed $1.75 trillion cumulatively from 2021-2025.
The imperative to protect increasingly digitized businesses, Internet of Things (IoT) devices, and consumers from cybercrime will propel global spending on cybersecurity products and services to $1.75 trillion cumulatively for the five-year period from 2021 to 2025, according to Cybersecurity Ventures.
In 2004, the global cybersecurity market was worth just $3.5 billion and now it’s one of the largest and fastest-growing sectors in the information economy.
The cybersecurity market is expected to grow by 15 percent year-over-year from 2021 to 2025.
3. The world will have 3.5 million unfilled cybersecurity jobs by the end of 2021.
Every IT position is also a cybersecurity position now. Every IT worker, every technology worker, needs to be involved with protecting and defending apps, data, devices, infrastructure and people.
There will be 3.5 million unfilled cybersecurity jobs globally in 2021 — enough to fill 50 NFL stadiums — according to Cybersecurity Ventures. This is up from Cisco’s previous estimation of 1 million cybersecurity openings in 2014.
Surging cybercrime will result in a similarly large number of unfilled positions over the next 5 years.
4. Global ransomware damage costs are predicted to exceed $265 billion by 2031.
Global ransomware damage costs are predicted to reach $20 billion annually in 2021, up from $325 million in 2015, which is a 57X increase. In a decade from now, the costs will exceed $265 billion.
Cybersecurity Ventures expects that a business will fall victim to a ransomware attack every 11 seconds by 2021, up from every 14 seconds in 2019. This makes ransomware the fastest growing type of cybercrime.
The frequency of ransomware attacks on governments, businesses, consumers, and devices will continue to rise over the next 5 years and reach every two seconds by 2031.
5. The world will need to cyber protect 200 zettabytes of data by 2025.
Total global data storage is projected to exceed 200 zettabytes by 2025. This includes data stored on private and public IT infrastructures, on utility infrastructures, on private and public cloud data centers, on personal computing devices — PCs, laptops, tablets, and smartphones — and on IoT (Internet-of-Things) devices.
Cybersecurity Ventures predicts that the total amount of data stored in the cloud — which includes public clouds operated by vendors and social media companies (think Apple, Facebook, Google, Microsoft, Twitter, etc.), government-owned clouds that are accessible to citizens and businesses, private clouds owned by mid-to-large-sized corporations, and cloud storage providers — will reach 100 zettabytes by 2025, or 50 percent of the world’s data at that time, up from approximately 25 percent stored in the cloud in 2015.
6. The cyberinsurance market is predicted to hit $14.8 billion annually by 2025.
The increasing rate of cyberinsurance adoption is expected to surge over the next decade, as the growing profile of large-scale cyberattacks — and the accompanying financial risk they impose — prompts company directors and executives to move to limit their company’s exposure to cybersecurity compromise.
Cybersecurity Ventures predicts the cyberinsurance market will grow from approximately $8.5 billion in 2021 to $14.8 billion in 2025, and exceed $34 billion by 2031, based on a CAGR (compound annual growth rate) of 15 percent over an 11-year period (2020 to 2031) calculated.
Stay tuned for ongoing updates with more cybersecurity market research from the editors at Cybersecurity Ventures.