Cyberattack Losses Projected to Surpass $5 Trillion by 2024

According to research by Juniper Research, financial losses from cyberattacks are expected to grow by nearly 70% by 2024. The damage is projected to increase by an average of 11% each year, reaching over $5 trillion by 2024. Last year, experts estimated losses from cyberattacks at $3 trillion.

As companies become increasingly dependent on digital environments, the financial impact is set to rise, partly due to higher penalties imposed by regulations for data breaches. However, it’s not just defense methods that are evolving. Analysts warn that cybercriminals will soon begin using artificial intelligence capable of independently studying security systems. In recent years, AI technologies have been actively used to protect against cyber threats.

The Growing Importance of Cybersecurity

Cybersecurity is becoming an increasingly important part of corporate culture, but this trend is not as widespread among individual computer users. Training employees in the basics of cybersecurity can help companies plan their spending in this area more effectively. Analysts estimate that cybersecurity expenses will grow by only 8% annually.

Experts also note that IT companies must always consider the human factor, as attackers continue to actively use social engineering techniques.