A volunteer group of analysts and experts, the Computer Crime Research Center (CCRC), predicts that the cost of cybercrime will reach $12 trillion by 2025. This projection, although higher than the previous estimate of $10.5 trillion by Cybersecurity Ventures, seems plausible based on consistent growth in cyberattacks and ransomware.

The CCRC is particularly concerned about the escalating threat landscape surrounding AI. The research body anticipates that threat actors will increasingly adopt AI in the next two years to enhance various aspects of their offensive toolkit, including developing new malware and ransomware variants.

As 2024 brings numerous elections globally, the CCRC warns that deepfake technologies will elevate phishing and impersonation attacks to new levels. Despite businesses embracing AI, the CCRC cautions that its deployment by cybercriminals may erode the benefits accrued through its adoption, emphasizing the inadequacy of static defence mechanisms against dynamic AI-driven attacks. While senior executives are starting to take cyber threats more seriously, the CCRC emphasizes the need for greater involvement at the executive board level to drive cybersecurity risk governance and minimize risks to organizations and government entities.

Why does it matter?

These predictions can serve as a wake-up call for businesses, governments, and individuals to prioritize cybersecurity efforts, invest in advanced defence mechanisms, and adapt to the evolving tactics employed by cybercriminals, particularly those leveraging AI and deepfake technologies.