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Global cybercrimes are expected to increase by 15% per year over the next five years and reach $10.5 trillion annually by 2025.

Ransomware damages have increased to $20 billion in 2021, 57x more than 2015. According to Cybersecurity Ventures, organisations suffered a ransomware attacks every 11 seconds in 2021, and it is expected that there could be a new attack on a consumer or business every two seconds by 2031.

Similarly, crypto-crimes could also cost the world around $30 billion in 2025, up from an estimated $17.5 billion in 2021. Crypto scams were the dominant crypto-based crimes in 2021, and the scams revenue topped $7.7 billion, up 81% compared to 2020.

With the exponential rate of digitalisation, global spending on cyber security (products/services) is expected to increase. It is estimated the spending on cybersecurity products could reach $1.75  trillion cumulative between 2021 and 2025.

Witnessing the huge potential in cybersecurity, VCs have poured more than $23 billion into cybersecurity companies in 2021. More than 30 cybersecurity companies raised $200 million or more in the previous year.

U.S.-based cybersecurity firms led the way in obtaining venture funding in 2021, with Israel-based companies coming in second, according to Crunchbase.

 

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