11 Feb Who Pays For Cybercrime Damages? IBM Says It’s The Consumers.
This week in cybersecurity from the editors at Cybercrime Magazine
– Read today’s full story in ExpressVPN
Sausalito, Calif. – Feb. 10, 2024
Cybercrime was expected to have cost the world $8 trillion USD in 2023, with that number predicted to reach $9.5 trillion in 2024 and to exceed $10.5 trillion in 2025, according to Cybersecurity Ventures.
A recent report from IBM revealed an all-time high in data breaches, with the average cyberattack resulting in losses reaching $4.45 million USD.
Forecasting the exact financial toll of cyberattacks in the coming years is challenging, owing to the dynamic and complex nature of digital threats. However, insights from Cybersecurity Ventures, reflecting on the last five years, provide a framework for future projections.
But who pays for the damages?
According to IBM’s “Cost of a Data Breach Report 2023,” it’s the customers. Companies that have suffered from cyberattacks generally pass these incident costs to consumers in the form of increased service and subscription prices.
To understand how we can reduce the cost and impact that cyber threats could have on us, it’s necessary to understand the various types of attacks, how they work, and who the biggest victims are. A blog post from ExpressVPN covers the 6 most common and damaging types of cyberattacks and what consumers can do to protect themselves.
Cybercrime Magazine is Page ONE for Cybersecurity. Go to any of our sections to read the latest:
- SCAM. The latest schemes, frauds, and social engineering attacks being launched on consumers globally.
- NEWS. Breaking coverage on cyberattacks and data breaches, and the most recent privacy and security stories.
- HACK. Another organization gets hacked every day. We tell you who, what, where, when, and why.
- VC. Cybersecurity venture capital deal flow with the latest investment activity from various sources around the world.
- M&A. Cybersecurity mergers and acquisitions including big tech, pure cyber, product vendors and professional services.
- BLOG. What’s happening at Cybercrime Magazine. Plus the stories that don’t make headlines (but maybe they should).
- PRESS. Cybersecurity industry news and press releases in real time from the editors at Business Wire.
- PODCAST. New episodes daily on the Cybercrime Magazine Podcast feature victims, law enforcement, vendors, and cybersecurity experts.
- RADIO. Tune into WCYB Digital Radio at Cybercrime.Radio, the first and only round-the-clock internet radio station devoted to cybersecurity.
Contact us to send story tips, feedback and suggestions, and for sponsorship opportunities and custom media productions.
