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Cost of cybercrime to reach $12trn by 2025

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By Abdulwasiu Usman

Cyber Extortion is expected to persist as a prominent issue in the near future.

By the year 2025, the cost of cybercrime is predicted to skyrocket to $12 trillion globally, according to the recent findings from the Computer Crime Research Center (CCRC). This alarming projection highlights that South Asia, particularly India, and Oceania are expected to face a surge of cyber attacks, which is said to be driven by the shift in growing economies, exemplified by Nigeria and other African nations. In the near future, Cyber Extortion is expected to persist as a prominent issue, showcasing a surge of 30-50 percent. Its impact predominantly targets corporations, Small to Medium-sized Businesses (SMBs), and government entities across a wide spectrum of cases.

According to the CCRC report, the projection not only relies on external market data but also takes into account cybersecurity research conducted by CheckPoint and Orange Cyberdefense. Both sources have observed a steady increase in cyberattacks and ransomware throughout the previous year. The potential surge in cybercrime expenses is a prime concern, largely due to the escalation in artificial intelligence (AI)-driven attacks and a staggering 910% rise in monthly domain registrations associated with ChatGPT, encompassing both harmless and malicious domains. These registrations primarily aim at imitating ChatGPT’s capabilities.

Businesses that employ AI face the peril of novel cyberattacks.

Specifically, the CCRC has emphasized the expansion of the threat landscape concerning AI. Attackers are employing advanced linguistic methods like amplifying the amount of text, utilizing intricate punctuation, and lengthening sentences. This alarming trend indicates that generative AI enables malicious individuals to generate intricate and focused attacks rapidly and on a large scale. 2024 till 2025, the market is expected to pose a substantial risk to those who utilize AI to enhance and operate their forefront toolkits.

The integration of AI will revolutionize the creation of malware and ransomware, enabling faster and cheaper development of new variants. In addition, the advancements in deepfake technologies will elevate phishing and impersonation attacks to unprecedented levels. While businesses will readily embrace AI, they will also face the peril of novel cyberattacks facilitated by this technology. Also, the dynamic nature of AI-driven attacks poses a significant challenge to traditional defense mechanisms, potentially rendering them useless. The report highlighted the extensive and diverse range of cyber threat incidents that occurred last year, affecting both organizations and government entities.

Cyberattacks on businesses in Africa is a concern for enterprises.

As per the report, cybersecurity has become a matter of utmost importance at the board level. However, it stressed the necessity for a more significant engagement by executive board members in terms of overseeing cybersecurity risk management and establishing committees to mitigate the potential threats faced by businesses or governmental organizations. Various industries including manufacturing, retail, professional services, finance, and utilities were identified as particularly susceptible to such risks. This is mainly due to their outdated network infrastructure, technological immaturity and open vulnerabilities.

There is a forecasted heightened prevalence of hacktivism in 2024, with hackers persistently targeting either corporations or government bodies that endorse specific entities for political reasons. The favored method employed in such attacks remains the distributed denial-of-service (DDoS), mainly due to its immense potential to disrupt business operations. Moreover, the escalating incidence of cyberattacks targeting businesses in Africa has heightened the significance of cybersecurity, making it an imperative concern for all enterprises. Kaspersky, the multinational cybersecurity firm, disclosed in Q1 of 2023 that Nigeria, South Africa, and Kenya are the primary countries facing the most severe cyber threat within the African continent.

Related Article: Cybercrime a threat to Africa digital space

A report by African Business in February 2023, revealed that 90% of businesses in Africa had not implemented any cybersecurity measures, leaving them highly susceptible to cyber dangers such as hacking, phishing, and malware assaults. A 2023 report further indicated that, for the consecutive year, executives from financial institutions in Africa have ranked cybersecurity as the utmost concern across all risk factors in the realm of financial services. According to the 2023 African Financial Industry Barometer survey, 74% of participants expressed belief that there is a need for improvement within the cybersecurity regulations.


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AN-Toni
Editor
1 month ago

Cost of cybercrime to reach $12trn by 2025.Cyber Extortion is expected to persist as a prominent issue in the near future. – Express your point of view.

SarahDiv
Member
30 days ago

The projected increase in cybercrime costs to $12 trillion by 2025 is a concerning trend. The article highlights the specific vulnerability of South Asia, including Nigeria, and other African nations to cyber attacks. The importance of cybersecurity in Africa, particularly in countries like Nigeria, is evident, with a reported lack of implementation of cybersecurity measures by many businesses. The prominence of Nigeria, South Africa, and Kenya in facing severe cyber threats underscores the urgency for improved cybersecurity regulations and readiness in the region. It’s crucial for businesses, government entities, and individuals in Nigeria to take proactive measures to protect against the rising threat of cybercrime, especially considering the forecasted increase in AI-driven attacks and the persistence of cyber extortion.

Adeoye Adegoke
Member
30 days ago

I understand the concern about the rising cost of cybercrime and the persistence of cyber extortion as a prominent issue. It’s definitely a serious problem that requires attention and action from individuals, organizations, and governments worldwide.
In my opinion, the projected cost of $12 trillion by 2025 is indeed alarming. With the increasing reliance on technology and the interconnectedness of our digital world, the opportunities for cybercriminals to exploit vulnerabilities are expanding. Cyber extortion, where criminals threaten to expose sensitive information or disrupt services unless a ransom is paid, has become a lucrative and widespread tactic.
To combat this issue, it’s crucial for individuals and businesses to prioritize cybersecurity measures. This includes regularly updating software, using strong and unique passwords, being cautious of suspicious emails or messages, and implementing multi-factor authentication. Additionally, organizations should invest in robust cybersecurity systems, conduct regular security audits, and provide comprehensive training to their employees to raise awareness about potential threats.
Governments also play a vital role in addressing cybercrime. Collaborative efforts are needed to establish and enforce stronger legislation, enhance international cooperation, and allocate resources for cybersecurity initiatives. By promoting information sharing and fostering partnerships between public and private sectors, we can work together to combat cybercrime effectively.

Kazeem1
Member
30 days ago

It is rather alarming to think that by 2025, the cost of cybercrime may reach $12 trillion.Take cybersecurity seriously and put robust security measures in place to guard against cyberattacks. This goes double for individuals, companies, and governments.Additionally essential to combating cybercrime are governments.

Taiwo
Member
30 days ago

$12 trillion will be spent on cybercrime by 2025. – We anticipate that in the foreseeable future, cyber extortion will continue to be a significant problem.Experts predict that cyber extortion will continue to be a major problem, with a 30–50% increase. Across a wide range of situations, its impact primarily impacts government agencies, companies, and small to medium-sized businesses (SMBs) step should be taken to address this issue of cybercrime