Cybercrime’s toll on global business to skyrocket to $10.5tn by 2025


Despite the threats posed by the emergence of new technologies such as AI, global business leaders’ focus on cyber risk seems to be waning.

According to Beazley’s latest “Risk & Resilience” report, the perceived threat of cyber risk peaked in 2021 at 34%, but has since declined to 27%. The report warns that the economic impact of cybercrime on businesses worldwide is forecast to hit a staggering $10.5tn by 2025, as per research from Cybersecurity Ventures.

In 2024, the perceived cyber risk is projected to remain at 27% while businesses’ preparedness for this risk continues to decrease. Despite this, the fear surrounding AI and other disruptive technologies has grown, with 26% of business leaders identifying their inability to adapt to rapid technological changes as a prime concern.

The threat of intellectual property (IP) theft has also become a major worry, with 24% of business leaders ranking it as their top risk in 2023, over double what it was in 2021. More worryingly, over one in four businesses (26%) report they are ill-prepared to mitigate this risk.

Beazley Group Head of Cyber Risks, Paul Bantick said, “Business leaders are finding it a struggle to keep up with the constantly evolving cyber threat. But worryingly they appear less concerned by cyber risk than a couple of years ago.

“This could be because they have been lulled into a false sense of security as the war in Ukraine led to a temporary reduction in the ransomware threat level when a number of cyber gangs splintered, but this situation is only temporary and should not be viewed as the new normal.”

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