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According to a forecast by research firm McKinsey & Company, damage caused by cyberattacks will top $10.5 trillion by 2025 -- a number that will have quadrupled since 2015.
Companies spent just $150 billion on cybersecurity in 2021, a number that grew by 12.4% in 2022 to $168 billion. Here's the problem: A survey suggests threat volumes doubled over that period, so McKinsey believes corporate investment in cyber protection is far too low.
The firm says companies should collectively be spending as much as $2 trillion on cybersecurity right now, more than 10 times what they're actually spending. While there's no guarantee the value gap will be filled, some cybersecurity providers are experiencing a surge in growth right now even in the face of a weak economic environment, pointing to elevated levels of demand.
Source Fool.com
