Cyber criminals move the fastest today than they did 10 years ago. But exactly how much has cybercrime increased over the years? 

Truth is, it has skyrocketed in all forms and standards at a faster rate than anticipated.

With more companies investing in digitization, it is easier for attackers to pry on their victims nowadays.

How Much Has Cybercrime Increased?

Let’s get right into it and find out how much has cybercrime increased.

Cybercrime occurrences jumped more than 1,500% over the course of two decades. 

The incidence rate shot from six victims per hour at the start of the new millennium to 97 at present.

Meaning, the percentage increased along with the higher internet penetration rate worldwide. 

Moreover, the Covid-19 pandemic made matters worse.

For the first time, the number of victims per hour hit 90 in 2020.

The Cost of Cybercrimes is Also Increasing

The collective cost of cybercrimes caught up with the higher incidence rate.

In 2021, the total damage related to these activities hit $6 trillion, a 100% increase from its $3 trillion settlement in 2015. 

A phishing attack is the most common type of cybercrime, averaging $136 per incidence.

Meanwhile, investment frauds are tagged as the costliest types, with an average value of nearly $71,000.

Annual Cost of Cybercrimes Over the Years

Cybercrimes are booming income sources for attackers.

This year, we have witnessed many high-profile breaches involving top companies from Meta to Apple, up to Shein and Revolut.

Collectively, firms are bleeding billions of cash to settle these issues. 

How much has cybercrime increased in the last five years? Take a look at this data from Statista detailing the annual cost of cybercrimes from 2018 to 2022:

• 2018 – cybercrime collected $860 billion in monetary value from victims during the year
• 2019 – cybercrime collected $1.16 trillion in monetary value from victims during the year
• 2020 – cybercrime collected $2.95 trillion in monetary value from victims during the year
• 2021 – cybercrime collected $6 trillion in monetary value from victims during the year
• 2022 – cybercrime collected $8.44 trillion in monetary value from victims during the year

Projected Annual Cost of Cybercrimes

The problem does not stop here.

Analysts project cybercrime will continue spreading in the coming years until the damage reaches $23 trillion in 2027.

• 2023 – cybercrime’s annual cost is projected to hit $11.50 trillion during the year
• 2024 – cybercrime’s annual cost is projected to hit $14.57 trillion during the year
• 2025 – cybercrime’s annual cost is projected to hit $17.65 trillion during the year
• 2026 – cybercrime’s annual cost is projected to hit $20.74 trillion during the year
• 2027 – cybercrime’s annual cost is projected to hit $23.82 trillion during the year

Cybercrime Types Leading to Greatest Financial Losses

Some cybercrimes cost more than the others.

We will provide an in-depth look into the types that lead to the greatest financial losses for individuals, institutions, and businesses.

• Compromised business email – the cost of this type of cybercrime came at $2.3 billion in 2021
• Investment fraud – the cost of this type of cybercrime came at $1.4 billion in 2021
• Romance fraud – the cost of this type of cybercrime came at $956 million in 2021
• Data breach of personal data – the cost of this type of cybercrime came at $517 million in 2021
• Real estate – the cost of this type of cybercrime came at $350 million in 2021
• Tech support – the cost of this type of cybercrime came at $348 million in 2021
• Non-payment of dues – the cost of this type of cybercrime came at $337 million in 2021
• Credit card fraud – the cost of this type of cybercrime came at $173 million in 2021
• Data breach within a corporation or workplace – the cost of this type of cybercrime came at $152 million in 2021
• Government impersonation – the cost of this type of cybercrime came at $143 million in 2021

Government impersonation is a growing concern among big conglomerates today.

Meta and Apple Inc suffered from the same incidence early this year, with hackers pretending to be government officials to solicit users’ information.

Financial Losses from Internet Crimes

Financial losses from all internet-related crimes have also gone up in the past years.

Take a look at this data from the FBI, detailing the total financial losses involved in internet crimes.

• 2015 – the monetary value of internet crimes settled at $1.1 billion during the year
• 2016 – the monetary value of internet crimes settled at $1.5 billion during the year
• 2017 – the monetary value of internet crimes settled at $1.4 billion during the year
• 2018 – the monetary value of internet crimes settled at $2.7 billion during the year
• 2019 – the monetary value of internet crimes settled at $3.5 billion during the year
• 2020 – the monetary value of internet crimes settled at $4.2 billion during the year
• 2021 – the monetary value of internet crimes settled at $6.9 billion during the year

Percentage of Cybercrime per Region

Asia recorded the highest number of cyberattacks in 2021, affecting 26% of all businesses during the year. 

Below is data on the percentage of cybercrime per region relative to the number of organizations.

• Asia – 26% of all organizations in the region experienced a cybercrime during the year
• Europe – 24% of all organizations in the region experienced a cybercrime during the year
• North America – 23% of all organizations in the region experienced a cybercrime during the year
• Africa – 14% of all organizations in the region experienced a cybercrime during the year
• Latin America – 13% of all organizations in the region experienced a cybercrime during the year

Notable Cybercrime Incidences of the Year

Among the most-notable cybercrime incidences this year is Uber’s admission of a data breach event that happened in 2016 and compromised personal data of thousands of its clients and employees. 

Another is from tech giant Nvidia, falling victim to the prolific hacking group Lapus$ which is the same group responsible for an earlier breach on Samsung and Apple Inc. 

From the government side, Puerto Rico had to declare a state of emergency after hackers successfully obtained citizens’ data and posted 90% of their stash on a leaked site. 

Conclusion

Internet penetration dictated how much cybercrime has increased over the years.

The more companies go digital, the brighter the opportunity for attackers to execute their felony. 

Cybercrime not only leads to financial losses but also to reputation damage, legal liabilities, and productivity loss, among others.

Small businesses are more likely to fall into these incidences, and this could lead to business closure at some point. 

The key is to remain vigilant and choose the sites you interact with at all times.

Sources