Do I Need to Spend More on Cybersecurity in 2022?

1. To Keep Your Personal Information Safe

In 2017, cybersecurity breaches cost the average U.S. adult $1,320 and over 1/3 of all data breaches in the United States occurred due to lost or stolen devices. Most cybersecurity attacks are executed by cybercriminals who have one goal: steal your personal information for financial gain using ransomware, phishing scams, identity theft, etc. In order to stay ahead of cybercriminals who are always finding new cybersecurity vulnerabilities, it is important to invest in cybersecurity efforts.

2. To Keep Your Personal Data Secure Online

In 2013, Edward Snowden leaked classified information that revealed how vulnerable the U.S. was to cybersecurity threats. The U.S.’s cybersecurity system was created after 9/11 and while cybersecurity threats have always been a threat, cybersecurity vulnerabilities were not addressed until after Snowden leaked information about the vulnerability of cybersecurity efforts. In fact, cybersecurity experts found that cybersecurity systems protecting U.S. military and government resources were using outdated cybersecurity technology which would leave those resources open to potential cybersecurity attacks by those looking to exploit those vulnerabilities. Since those leaks in 2013, cybersecurity spending has increased by over 16% each year.

3. To Gain an Advantage Against Cybersecurity Threats

In 2018 alone, cybersecurity threats caused companies around the world $600 billion in losses. According to cybersecurity experts, cybersecurity efforts should be a priority for any company that collects or communicates private data. It’s no secret that cybersecurity is top of mind for many businesses because cybersecurity threats pose a significant business risk to every industry, especially healthcare, finance, and technology.

4. Cybersecurity Spending is Predicted to Increase

Cybersecurity spending has increased exponentially each year since 2013; cybersecurity spending was $3.5 billion in 2013 and is predicted to be over $16 billion by 2022. Over the past 5 years cybersecurity spending has increased by 15.7% each year, making cybersecurity efforts a smart investment for any business looking to minimize cybersecurity threats against their business (and the individuals who use their services).

5. To Prevent Global Catastrophes

In 2017, cybersecurity experts estimated that cybersecurity threats to critical infrastructure could cause $9 trillion in damage. While cybersecurity threats can cause financial and emotional distress for individuals and businesses, cybersecurity threats against military technology like drones and nuclear weapons pose a greater threat. In fact, cybersecurity experts have predicted that if cybersecurity measures aren’t improved upon by 2022, cybersecurity threats could lead to global catastrophes with over half of cybersecurity efforts focusing on cybersecurity issues related to critical infrastructure (like cybersecurity attacks against electric grids).