The global indicator 'Estimated Cost of Cybercrime' in the cybersecurity market was forecast to continuously increase between 2024 and 2029 by in total 6.4 trillion U.S. dollars (+69.41 percent). After the eleventh consecutive increasing year, the indicator is estimated to reach 15.63 trillion U.S. dollars and therefore a new peak in 2029. Notably, the indicator 'Estimated Cost of Cybercrime' of the cybersecurity market was continuously increasing over the past years. Ransomware and manufacturing industry Cyberattacks remain a significant challenge for organizations worldwide, sectors such as manufacturing, finance, and insurance were the most affected by these attacks. Among the various types of cyber threats, ransomware was the most frequently detected, accounting for around 70 percent of all incidents. The manufacturing industry, in particular, faced the highest number of ransomware attacks, making it the most targeted sector globally. Cybersecurity awareness and investments Organizations worldwide became increasingly aware of the dangers posed by cyberattacks, approximately 40 percent of internet users became familiar terms such as with "ransomware." In response to these threats, companies invested more in cybersecurity. In 2024, the average annual increase in IT security budgets was expected to reach 5.7 percent. In fact, for companies worldwide, enhancing the cyber resilience of their cybersecurity teams was the top spending priority in 2023.

Cybercrime costs in the United States reached an estimated 452.3 billion U.S. dollars in 2024. Between 2017 and 2024, this figure has seen a significant increase. According to the latest estimates, this dynamic will continue in upcoming years, reaching approximately 1.82 trillion U.S. dollars in cybercrime costs by 2028.

In 2023, the largest median cost of all cyber attacks to European firms was for The United Kingdom who sufferd a cost of 24.2 thousands of dollars for being attacked.

Cybercrime costs in the United Kingdom (UK) reached an estimated 51.81 billion U.S. dollars in 2024. Between 2017 and 2024, this figure has seen a significant increase. According to the latest estimates, this dynamic will continue in upcoming years, reaching approximately 98 billion U.S. dollars in cybercrime costs by 2028.

Annual costs of cybercrime in France reached an estimated 129 billion U.S. dollars in 2024. Between 2016 and 2023, this figure has seen a significant increase of over 88 billion U.S. dollars. According to the latest estimates, this dynamic will continue in upcoming years, reaching 419 billion U.S. dollars in cybercrime costs by 2028.

As of February 2023, the average cost of cyber attacks on firms with more than 1000 employees in Europe and the United States was over 53 thousands U.S dollars. Moreover, companies employing between 250 and 999 people reported a median loss of 24.8 thousand dollars in the same year.

As per Cognitive Market Research's latest published report, the Global Cyber Security market size was $154.80 Billion in 2022 and it is forecasted to reach $353.15 Billion by 2030. Cyber Security Industry's Compound Annual Growth Rate will be 10.8% from 2023 to 2030. Market Dynamics of Cyber Security Market:

Increased target based cyber-attacks:

Every year, cybercrime dramatically rises as attackers become more proficient and sophisticated. In target-based cyberattacks, hackers or attackers focus on a single organisation because they have a particular business interest. Putting the attack together could take months so they can figure out the best way to get their exploit into your systems (or users). Because it has been precisely designed to attack your systems, processes, or persons, at the office and often at home, a targeted attack is frequently more harmful than an untargeted one. In addition to having an impact on the organization's and business's finances, cybersecurity also makes businesses more vulnerable and uncertain.

Cyberattacks can potentially harm a company's reputation, especially if private customer information is taken. The established customer trust may suffer as a result of cyberattacks. This breach of trust may be challenging to repair and may have long-term effects on the company. The activities of a company are also disrupted by these attacks, making it difficult or impossible to access vital systems or data. This might cause delays in manufacturing, disrupt customer service, and result in lost income. Businesses may occasionally have to stop operating completely until the attack is stopped, which will have a greater financial impact.

Growing need for automated cybersecurity due to the increased use of IoT devices.

Restraining Factor:

Budget restrictions and a lack of specialists among SME's:

Cybersecurity is crucial prat of any organization as it protects against unwanted access, theft, and damage to critical data and computer systems. Cyber-attacks are growing more prevalent in today's digital environment, and they could have very negative effects. Due to the complexity of technology, many organisations, especially SME's, cannot afford cybersecurity despite its necessity. Cybersecurity can be complicated and calls for knowledge in fields like software development, network security, and cryptography. The cost of acquiring and maintaining this expertise might be high. In addition, considering the consistently evolving cyber threats, the updating of cybersecurity measures is necessary. This requires ongoing investment in technology, personnel, and training. Therefore, budget restrictions coupled with expensive tools and software’s and a lack of specialists in SME's might affect the growth of the cyber security market.

Current Trends on Cyber Security:

Rising e-commerce platforms and online shopping:

Rising disposable income coupled with high penetration of internet and smartphone expected to drive the e-commerce market and online shopping. Online shopping is incredibly convenient for consumers as they can shop from the comfort of their homes or on-the-go using their smartphones or tablets. This is especially true during the COVID-19 pandemic when physical stores are closed or people prefer to avoid crowded places. In addition, online retailers can offer lower prices compared to physical stores due to lower overhead costs. Moreover, E-commerce platforms are open 24/7, which allows customers to shop at any time that is convenient for them. With advances in technology, e-commerce platforms have improved their shipping and delivery options. Overall, rising e-commerce platforms and online shopping provides new opportunities to cyber security market.

Impact of COVID-19 pandemic on Cyber Security Market:

With the widespread shift to remote work and online services, there has been a surge in cyber-attacks, making cyber security more important in COVID-19 pandemic. Organizations are investing in cyber security solutions to safeguard their systems and data as a result of the rise in cyberattacks brought on by the epidemic. The need for cyber security goods and services has increased as a result. Budget restrictions, especially for SME's, have been brought on by the economic burden of the epidemic on many organisations. Cost-effective cyber security solutions are now receiving more attention as a result of this. The CO...

In 2023, the monetary damage caused by cybercrime reported to the United States' Internet Crime Complaint Center (IC3) saw a year-over-year increase of around 21 percent, amounting to a historical peak of 12.5 billion U.S. dollars. Cybercrime in the U.S. Cybercrime continues to be one of the biggest challenges for governments around the world. In the United States, phishing and personal data breaches were among the most reported categories of cybercrime in 2022, with over 300 thousand people falling victim to phishing attacks. Additionally, data breaches cost the U.S. organizations over nine million U.S. dollars on average as of January 2023. Identity theft is a serious issue in the U.S. Along with other reported online crimes, identity theft was a prevalent issue that affected millions of people in the United States. The country ranked second globally in reported cases of identity theft, with an estimated 13.5 million Americans falling victim to this crime. As a result, millions of users had their lives turned upside down. In January 2023, 43 percent of identity theft victims reported wasting their time resolving issues, while 33 percent had no choice but to freeze their credit cards. Furthermore, sometimes threat actors targeted seniors, as in 2022, more than 4800 individuals over 60 reported being victims of identity theft.

Data breaches cost companies and businesses a lot of money. The average cost of a data breach is $3.86 million.

The average cyber attack takes 280 days to identify and contain and it costs an average of about $3.86 million to deal with properly.

Did the COVID-19 pandemic really affect cybersecurity? Short answer – Yes. Cybercrime is up 600% due to COVID-19.

Cybercrime costs in Canada reached an estimated 3.82 billion U.S. dollars as of 2023. Between 2017 and 2023, this figure gradually increased. According to the latest estimates, this dynamic will continue in upcoming years, reaching approximately 4.78 billion U.S. dollars in cybercrime costs by 2028.

Police-reported cybercrime, number of incidents and rate per 100,000 population, Canada, provinces, territories, Census Metropolitan Areas and Canadian Forces Military Police, 2014 to 2023.

The Cybersecurity Market Report is Segmented by Offering (Solutions (Application Security, Cloud Security, Data Security, Identity and Access Management, Infrastructure Protection, Integrated Risk Management, Network Security Equipment, and Other Solutions) and Services (Professional Services and Managed Services)), by Deployment (On-Premise and Cloud), by End-User Industry (IT and Telecommunication, BFSI, Retail and E-Commerce, Oil, Gas and Energy, Manufacturing, Government and Defense, and Other End-User Industries), by Geography (North America, Europe, Asia Pacific, (latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

These cybersecurity statistics will help you understand the state of online security and give you a better idea of what it takes to protect yourself.

Revenue in the cybersecurity industry worldwide reached $146.32 billion in 2022.

As of 2024, the average cost of a data breach in the United States amounted to 9.36 million U.S. dollars, down from 9.48 million U.S. dollars in the previous year. The global average cost per data breach was 4.88 million U.S. dollars in 2024. Cost of a data breach in different countries worldwide Data breaches impose a big threat for organizations globally. The monetary damage caused by data breaches has increased in many markets in the past decade. In 2023, Canada followed the U.S. by data breach costs, with an average of 5.13 million U.S. dollars. Since 2019, the average monetary damage caused by loss of sensitive information in Canada has increased notably. In the United Kingdom, the average cost of a data breach in 2024 amounted to around 4.53 million U.S. dollars, while in Germany it stood at 5.31 million U.S. dollars. The cost of data breach by industry and segment Data breach costs vary depending on the industry and segment. For the fourth consecutive year, the global healthcare sector registered the highest costs of data breach, which in 2024 amounted to about nine million U.S. dollars. Financial institutions ranked second, with an average cost of six million U.S. dollars for a data breach. Detection and escalation was the costliest segment in data breaches worldwide, with 1.63 U.S. dollars on average. The cost for lost business ranked second, while response following a breach came across as the third-costliest segment.

The Australian Cyber Security Centre (ACSC) received approximately 94 thousand cybercrime reports in the financial year 2023. The number of reports has increased in comparison to previous years, with approximately 76 thousand cybercrime reports filed in the financial year 2022.  Recent data breaches  When surveyed about the actions they would take following a reported hack or data breach, more than three quarters of Australian adults indicated that they would either pause or completely stop spending with a brand or organization in 2022., Less than one-fifth of respondents would continue spending with a brand but would be concerned.  In 2022, the global average cost of a data breach was 4.35 million US dollars. The average cost of a data breach in Australia was approximately 2.9 million US dollars.  Loss from scams  Victims of investment scams lost over 177 million Australian dollars in 2021. In the same year, dating and romance scams cost Australians approximately 56 million Australian dollars. False billing, remote access scams, and threats to life were also amongst the most reported scam types in Australia the same year. 

Some industries are affected by cyber attacks more than others. These next cybersecurity statistics detail specifically who is affected by cyber-attacks and why they are.

Pay attention to the following cybersecurity statistics to learn how to protect yourself from attacks.