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By: Robin Geuens
Last updated: December 04, 2024
Fact checked
Cite this research SOAX. (2024). What's the cost of cybercrime? (Worldwide + US states). https://soax.com/research/cost-of-cybercrime
Research highlights: in 2023, the cost of cybercrime was 8.15 trillion USD. It’s projected to grow to 15.63 trillion by 2029. Investment fraud caused the most losses ($4.57 billion). California experienced the highest losses, totaling over $2.1 billion.
In 2023, cybercrime cost reached $8.15 trillion, which is a big 15.11% jump from 2022
By 2029, the cost of cybercrime is expected to hit $15.63 trillion
Cybercrime costs have grown from $0.86 trillion in 2018 to a projected $15.63 trillion by 2029
The biggest yearly jump in cybercrime costs happened in 2020, with a 154.31% increase from $1.16 trillion in 2019 to $2.95 trillion in 2020
During the COVID-19 pandemic, cybercrime costs shot up by 176.27%, going from $2.95 trillion in 2020 to $8.15 trillion in 2023
Year | cost ( in trillion USD) | Change |
---|---|---|
2029 | 15.63 | ↑ 13.1% |
2028 | 13.82 | ↑ 11.18% |
2027 | 12.43 | ↑ 9.42% |
2026 | 11.36 | ↑ 10.4% |
2025 | 10.29 | ↑ 11.61% |
2024 | 9.22 | ↑ 13.13% |
2023 | 8.15 | ↑ 15.11% |
2022 | 7.08 | ↑ 28.96% |
2021 | 5.49 | ↑ 86.1% |
2020 | 2.95 | ↑ 154.31% |
2019 | 1.16 | ↑ 34.88% |
2018 | 0.86 | – |
Type | cost ( in millions) |
---|---|
Investment | $4,570.27 |
Business e-mail compromise (BEC) | $2,946.83 |
Tech support | $924.51 |
Personal data breach | $744.21 |
Confidence fraud / Romance | $652.54 |
Data Breach | $534.39 |
Government impersonation | $394.06 |
Non-payment / Non-delivery | $309.64 |
Credit card / Check fraud | $173.62 |
Real estate | $145.24 |
Advanced fee | $134.51 |
Identity theft | $126.20 |
Lottery / sweepstakes / inheritance | $94.50 |
Extortion | $74.82 |
Employment | $70.23 |
Ransomware | $59.64 |
SIM Swap | $48.79 |
Overpayment | $27.95 |
Botnet | $22.42 |
Phishing/Spoofing | $18.72 |
Threats of violence | $13.53 |
Harassment / stalking | $9.67 |
Intellectual property rights (IPR) / Copyright / Counterfeit | $7.55 |
Crimes against children | $2.03 |
Malware | $1.21 |
Other | $240.05 |
Age Group | Complaints | losses ( in million USD) | losses ( in million USD) | avg loss per complaint |
---|---|---|---|---|
Under 20 | 18,174 | $40,700,000 | $40.70 | $2,239.46 |
20 - 29 | 62,410 | $360,700,000 | $360.70 | $5,779.52 |
30 - 39 | 88,138 | $1,200,000,000 | $1,200.00 | $13,615.01 |
40 - 49 | 84,052 | $1,500,000,000 | $1,500.00 | $17,846.10 |
50 - 59 | 65,924 | $1,700,000,000 | $1,700.00 | $25,787.27 |
60+ | 101,068 | $3,400,000,000 | $3,400.00 | $33,640.72 |