Cost of Cyber Crime

It is clear that the rate and cost of data breaches are increasing. Since 2001, the victim count has increased from 6 victims per hour to 97, a 1517% increase over 20 years.

The average cost of data breaches per hour worldwide has also increased. In 2001, the average cost per hour to individuals was $2054. Since then, the hourly loss rate has increased, standing in 2021 at $787,671.

The increasing threat to organisations globally means more are taking cyber security seriously. 73% of SMBs agree that cyber security concerns now need action, with 78% saying they will increase investment in cyber security in the next 12 months.

A concerning statistic is that 67% of SMBs feel that they do not have the in-house skills to deal with data breaches. However, this issue is mitigated as increasing numbers of SMBs are working with Managed Service Providers for cyber security; 89% as of 2022, up from 74% in 2020.

We work with many industries in which compliance and regulation are major factors, and provide IT Support for law firms and financial services companies among others. We know it has never been more important to take cyber security seriously.

What is the costliest type of cyber crime?

In 2022, investment fraud was the most costly form of cyber crime, with an average of $70,811 lost per victim.

How much does cyber crime cost businesses?

In 2022, data breaches cost businesses an average of $4.35 million – up from $4.24 million in 2021.

How did the pandemic affect cyber security?

The pandemic affected cyber security as businesses were forced to rapidly move to remote work environments. Cyber criminals took advantage of network misalignments and security gaps as these transitions happened. In 2020, malware attacks increased 358% compared to 2019.

Covid-19 clearly impacted the number of hourly victims. 2019 cyber crime statistics show the hourly number of victims was 53. In 2020, the first full year of the pandemic, the hourly number of victims jumped to 90, an increase of 69%.