Cybersecurity News. PHOTO: Cybercrime Magazine.

Who Pays For Cybercrime Damages? IBM Says It’s The Consumers.

This week in cybersecurity from the editors at Cybercrime Magazine

Read todays 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.

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