Economic Impact of Cybercrime on Business Predicted to Reach $10.5 Trillion by 2025

The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley’s latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023.

The report highlighted key areas such as ransomware and other cyber-attacks to the threats posed by AI.

The economic impact of cybercrime on business across the globe continues to reach new levels, with the cost predicted to reach US $10.5 trillion by 2025. However, boardroom focus on cyber risk appears to be diminishing.

The perceived threat of cyber risk to global business leaders peaked in 2021 at 34%, and over the past two years, the risk perception has dropped to 27%.