How Often Does Cybercrime Happen in 2023?

Five billion people are internet users in 2023. This means more than 60% of the global population is online.

This is why hackers are growing in number, and their attacks are becoming more frequent.

In an estimate, one in three internet users has fallen to one kind of cybercrime attack – many of them did not even know. 

How often does cybercrime happen? It’s a lot more than you think.

How Often Does Cybercrime Happen in 2023?

How often does cybercrime happen in 2023? Research from the University of Maryland found that 2,244 cybercrime attacks happen in a day.

This means that victims fall to malicious online attacks every 36 seconds.

This year, the global cost of cybercrime hit $8.44 trillion – but this is a sharp jump from the $6 trillion cost in 2021.

The numbers are expected to keep rising moving forward. By 2027, global cybercrime can take out a whopping $24 trillion off the global economy.

Cybercrime Cost Over the Years

Here is data showing the total cost of cybercrime globally. As seen from the graph, the numbers skyrocketed from $860 billion in 2018 to $8.44 billion this year.

This comes as many companies migrated their operations online during the pandemic, with mobility restrictions in place. 

• 2018 – global cybercrime expenditure is at $860 billion during the year
• 2019 – global cybercrime expenditure is at $1.16 trillion during the year
• 2020 – global cybercrime expenditure is at $2.95 trillion during the year
• 2021 – global cybercrime expenditure is at $6.00 trillion during the year
• 2022 – global cybercrime expenditure hit an all-time high level at $8.44 trillion this year

Strategists projected high-profile cyberattacks will keep coming, affecting small and medium enterprises the most.

Here is the global cybercrime expenditure outlook from 2023 to 2027:

• 2023 – global cybercrime expenditure is forecasted to climb to $11.50 trillion during the year
• 2024 – global cybercrime expenditure is forecasted to climb to $14.57 trillion during the year
• 2025 – global cybercrime expenditure is forecasted to climb to $17.65 trillion during the year
• 2026 – global cybercrime expenditure is forecasted to climb to $20.74 trillion during the year
• 2027 – global cybercrime expenditure is forecasted to climb to $23.82 trillion during the year

Countries with the Highest Cybercrime Occurrence

Some countries are more vulnerable to cybercrimes than others. 

In a survey conducted by Statista from November to December 2021, India ranked first among countries with the highest percentage of internet users who had experienced cybercrime at one point during the period.

• India – 76% of all its online citizens experienced cybercrime during the period
• Brazil – 69% of all its online citizens experienced cybercrime during the period
• United States – 59% of all its online citizens experienced cybercrime during the period
• New Zealand – 58% of all its online citizens experienced cybercrime during the period
• France – 53% of all its online citizens experienced cybercrime during the period
• Italy – 50% of all its online citizens experienced cybercrime during the period
• United Kingdom – 48% of all its online citizens experienced cybercrime during the period
• Australia – 46% of all its online citizens experienced cybercrime during the period
• Germany – 45% of all its online citizens experienced cybercrime during the period

The top four countries on the list, namely, India, Brazil, the United States, and New Zealand all ranked above the global average of 54%.

Types of Cybercrime

There are five main types of cybercrime: phishing attacks, website spoofing, ransomware, malware, and IoT hacking.

We will go through each of them briefly below:

1. Phishing Attacks

Phishing attacks account for the majority of successful cybercrimes.

These often come in the form of an email that puts the receiver in a sense of urgency to put either their data or click on a malicious link.

How often does cybercrime happen on email? Over 75% of all cybercrimes are sent through email.

In the past years emailing platforms such as Gmail increased their spending on eliminating spam messages, which often carry out these attacks. 

2. Website Spoofing

Not all websites on the internet are legitimate. Many of these sites are specifically created for carrying out crimes, such as stealing personal data, spreading false propaganda, and sucking out money from visitors.

This is what is known as website spoofing – these sites are often reminiscent of popular website domains to make it easy for hackers to carry out their plans.

3. Ransomware

We often see news about attacks that demand a huge amount of money from their victims in exchange for returning credentials that will keep operations running back again.

This is what is known as ransomware – holding data in captivity as collateral for a ransom in the return.

4. Malware

Malware is the most common cyberattack being sold on the dark web. Malware is short for “malicious software,” specifically created to illegally and unknowingly get personal data.

Malware comes in different forms, such as computer viruses concealed in antivirus applications, trojans, and worms.

5. IoT Hacking

The internet-of-things influences almost everything on the web. From our smartphones to our smart speakers up until product tracking, IoT is all over the world.

This is exactly why hackers are now targeting this industry.

Analysts say that a fighter jet is more likely to go down from IOT hacking than a missile attack.

Top 10 Cyber Security Companies by Revenue in 2023

Along with the ballooning cyber attack statistics, cyber security companies are taking a lot of money out of this dilemma.

In 2021, businesses worldwide reportedly spent $150 billion on cyber security. This figure is expected to grow by 12.4% every year.

Here are the top 10 companies in cyber security space by revenue in 2022:

1. Microsoft – the company generated nearly $200 billion in revenue during the year
2. IBM – Big Blue generated $76.2 billion in revenue during the year
3. Cisco Systems, Inc – the company generated $51.56 billion in revenue during the year
4. Oracle Corporation – the company generated $42.44 billion in revenue during the year
5. Juniper Networks – the company generated $4.74 billion in revenue during the year
6. Palo Alto Networks – the company generated $4.3 billion in revenue during the year
7. Synopsis – the company generated $4.2 billion in revenue during the year
8. Fortinet – the company generated $3.34 billion in revenue during the year
9. McAfee – the company generated $2.9 billion in revenue during the year
10. NortonLifeLock – the company generated $2.79 billion in revenue during the year

Conclusion

How often does cybercrime happen in 2023?

Cybercrime happens every 36 seconds.

This means we may have fallen victim to these attacks unknowingly at one point in our lives.

One important note to remember is to never click links that look suspicious and never enter your personal credentials on sites you do not trust.

Sources