Cybercrime is expected to have a global cost of $14 trillion by 2028, according to a new report from Munich Re.
That cost would exceed the combined economic output of Germany, Japan and India. It would be larger than every county's GDP except for the U.S. and China.
Cyber risks are growing and evolving quickly, and most are not covered by insurance, the report says.
For risks that are covered, Munich Re found that the main drivers of insured losses are ransomware, data breaches, compromised business emails and distributed denial of service attacks, where attackers flood a server, website or network with an overwhelming amount of traffic, causing it to slow or crash so actual users can't access it.
Just about every industry is affected by cyber crime, the report says, but governments and manufacturing and technology companies are the most at risk, especially from financially motivated cyber criminals, hacktivists and state-sponsored actors.
The slideshow above highlights cyber threat trends for the year ahead according to Munich Re.
Photo credit: Chor muang/Adobe Stock
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