Estimated US cybercrime Cost
Cybersecurity Statistics
As of 2023, cybercrime costs in the United States have escalated to an estimated $320 billion. This represents a substantial rise of over $300 billion since 2017. Current projections suggest that this trend will persist, with costs expected to soar to around $1.82 trillion by 2028.
In-Depth Analysis of Rising Estimated US cybercrime Cost (2017-2028)
2017: The Baseline Year ($19.4 billion)
In 2017, the estimated cost of cybercrime in the U.S. stood at $19.4 billion. This year served as a baseline for understanding the initial financial impact of cyber threats on the economy, indicating a growing concern that required attention but was yet to reach more alarming levels.
2018: Early Increase ($37.41 billion)
By 2018, costs had nearly doubled to $37.4 billion, reflecting an increased frequency and sophistication of cyber attacks. This period saw a rise in ransomware attacks and data breaches, prompting businesses and government entities to begin reassessing their cybersecurity measures.
2019: Continuing Trend ($65.47 billion)
The upward trajectory continued in 2019, with costs escalating to $65.47 billion. This increase was driven by more frequent and severe data breaches and ransomware attacks, highlighting the urgent need for stronger cybersecurity defenses.
2020: A Notable Rise ($105 billion)
As digital transformation accelerated, 2020 saw cybercrime costs jump to $105 billion. The pandemic-induced shift to remote work likely exacerbated vulnerabilities, stressing the critical need for secure remote access solutions.
2021: Significant Growth ($153 billion)
In 2021, costs climbed to $153 billion. The ongoing global reliance on technology and the increasing value of digital data made cyber defenses a top priority for every sector.
2022: Marked Increase ($220.1 billion)
The costs continued to mount in 2022, reaching $220.1 billion. This year possibly saw an expansion in the types of cyber threats, including attacks on supply chains and critical infrastructure.
2023: A Sharp Rise ($320 billion)
2023 marked a critical juncture, with costs skyrocketing to $320 billion. This substantial increase can be attributed to several high-profile cyber incidents and a general expansion in the cyber attack surface due to increased digital transformation in industries like finance, healthcare, and retail.
2024: Further Escalation ($452.3 billion)
Looking ahead to 2024, the projected costs are expected to increase significantly to $452.3 billion, indicating no slowdown in the frequency or severity of cyber threats.
2025: More than Half a Trillion ($639.2 billion)
Looking ahead to 2025, the projected costs are expected to rise further to $639.2 billion. This forecast suggests that despite ongoing efforts to bolster cybersecurity defenses, the economic impact of cybercrime continues to grow, driven by the relentless evolution of attack methodologies and the increasing value of digital assets.
2026: Approaching a Trillion ($904 billion)
In 2026, the costs are projected to approach a trillion dollars, highlighting the relentless progression and impact of cybercrime on the global economy.
2027: Breaking the Trillion Dollar Barrier ($1,301 billion)
By 2027, costs are expected to surge past the trillion-dollar mark to $1,301 billion. This dramatic rise indicates a critical escalation in the severity and cost of cyber incidents, highlighting an urgent need for transformative approaches to cybersecurity, encompassing advanced technologies, enhanced regulatory frameworks, and greater international cooperation.
2028: The Near Future ($1,816 billion)
In 2028, the cost is projected to reach a staggering $1,816 billion. This forecast points to a future where cybercrime remains a dominant threat to economic stability, necessitating an unprecedented level of investment in cybersecurity measures and a redefined approach to digital hygiene and security practices across all sectors.