Cybercrime is forecast to cost the world $10.5 trillion by 2025


A Rise in Cybercrime

Cybercrime is on the rise and it is costing businesses and governments billions of dollars. In Australia, we’ve witnessed a staggering rise in not just the frequency of cybercrime, but the cost of those crimes.

Recent reports reveal that cybercrime is forecast to cost the world $10.5 trillion by 2052 (about $15 trillion AUD). With this clear trajectory, businesses, governments, and people must respond diligently to minimise the threat.

What is Cybercrime?

In tracking cybercrime, it’s imperative to understand what qualifies as cybercrime. Cybercrime is a crime that is carried out using a computer or other electronic device. This can include anything from hacking into a computer system to stealing someone’s identity online.

One of the main reasons for the increased cost of cybercrime is the rise in ransomware attacks. Ransomware is a type of malware that locks you out of your computer until you pay the attacker a ransom. This type of attack has been on the rise for the past few years and shows no signs of slowing down.

Other key sources of cybercrime include:

  • Smishing: scams orchestrated via SMS messages
  • Phishing emails that lure unsuspecting readers to click malicious links or download malware on their computer
  • Impersonation: cybercriminals impersonating well-known brands to
  • Monetary or financial scams
  • Malicious links that attempt to capture sensitive company data or payment information

Regardless of the method, cyberattacks are getting more expensive. The high cost is not just related to ransomware. Companies that have experienced data breaches are also facing loss of revenue due to reputational damage, loss of funding or investment, and even government fines.

Preventing Cybercrime

Business leaders in Australia must meet these threats head on. We need to make sure that our businesses are protected against ransomware attacks and that employees and everyday citizens understand the prevalence of phishing attempts.

What can business leaders do to prevent cybercrime in their organisation? First and foremost, they must be diligent in online security practices. It’s critical to ensure passwords are strong and that you are using up-to-date security software.

When it comes to making sure employees are serving as either your first or last line of defence, education and training is paramount. Teaching employees about the dangers of phishing scams and ransomware attacks can mean the difference in protected and leaked data.

It’s also important for businesses to invest in cybersecurity solutions as a preventative measure. These solutions can help protect your business from data breaches and other cyber attacks.

The rise in cybercrime is a global problem, but we can all take steps to protect ourselves and our businesses. By being vigilant and investing in cybersecurity solutions, we can help fight back against cybercrime and keep our data safe.

Looking Toward the Future

In order to combat the massive cost of cybercrime, it is important for Australia to have a diligent regulatory response. This involves the development of new capabilities such as Australian Signal Directorate’s REDSPICE which is specifically devoted to the response of the deteriorating strategic circumstances in the Australian region, as well as increased cooperation between law enforcement and intelligence agencies. The goal will be to create a coordinated response that can quickly identify and disrupt criminal networks before they can do too much damage.

Currently, the Australian government is both offering small business tax incentives to invest in cyber awareness programs as well as cracking down on consequences for companies who experience data breaches. I expect to see increasing government action as the rise in cyber crime continues.

About PhishNet

Understanding the role of human error in data breaches is the first step to preventing and future-proofing your organisation against attacks.

PhishNet delivers highly effective, engaging, and affordable cybersecurity awareness training to help businesses mitigate the risks of human error data breaches.

Talk to PhishNet today to learn more or click here to view our free ebook about human error in cybersecurity.