Cyber crime cost grows 12 times faster than cyber security spending

A new report by Stocklytics, Inc. said that the global cyber crime cost has increased 12 times faster than total cyber security spending in the past six years, Investing.com reported. It highlighted that the total cyber security spending has grown by 78% since 2018, while cyber crime costs have exploded by 972%. The company added that cyber attacks, including data breaches, ransomware, phishing, and cyber espionage, are expected to inflict damages totaling $9.2 trillion this year, $1.1 trillion more than last year.