--- title: "Data Breaches Are Going to Cost How Much by 2024? | Phish Protection" description: "Data Breaches Are Going to Cost How Much by 2024?: Data breaches are big business. Everywhere you turn you hear about another organization getting hit by a." image: "https://phishprotection.com/og/blog/data-breaches-are-going-to-cost-how-much-by-2024.png" canonical: "https://phishprotection.com/blog/data-breaches-are-going-to-cost-how-much-by-2024/" --- Quick Answer We also know from recent events that recovering from a \*\*data breach can be expensive\*\*. Whether you choose to pay the ransom like this\[ South Korean web host\](https://www.cnet.com/news/largest-ransomware-ever-demand-south-korea-web-host/) or resolve it internally like the\[ city of Baltimore\](https://www.baltimoresun.com/maryland/baltimore-city/bs-md-ci-ransomware-email-20190529-story.html) did, \_the cost can run into the millions or tens of millions of dollars\_. Share [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fphishprotection.com%2Fblog%2Fdata-breaches-are-going-to-cost-how-much-by-2024%2F "Share on LinkedIn") [ ](https://twitter.com/intent/tweet?text=Data%20Breaches%20Are%20Going%20to%20Cost%20How%20Much%20by%202024%3F&url=https%3A%2F%2Fphishprotection.com%2Fblog%2Fdata-breaches-are-going-to-cost-how-much-by-2024%2F "Share on X/Twitter") [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fphishprotection.com%2Fblog%2Fdata-breaches-are-going-to-cost-how-much-by-2024%2F "Share on Facebook") [ ](https://reddit.com/submit?url=https%3A%2F%2Fphishprotection.com%2Fblog%2Fdata-breaches-are-going-to-cost-how-much-by-2024%2F&title=Data%20Breaches%20Are%20Going%20to%20Cost%20How%20Much%20by%202024%3F "Share on Reddit") [ ](mailto:?subject=Data%20Breaches%20Are%20Going%20to%20Cost%20How%20Much%20by%202024%3F&body=Check out this article: https%3A%2F%2Fphishprotection.com%2Fblog%2Fdata-breaches-are-going-to-cost-how-much-by-2024%2F "Share via Email") ![Phish Protection blog post image](https://media.mailhop.org/phishprotection/images/2019/09/phishing-email-prevention-6718.jpg) _Data breaches are big business.[ Everywhere you turn](https://informationisbeautiful.net/visualizations/worlds-biggest-data-breaches-hacks/) you hear about another organization getting hit by a data breach._ We also know from recent events that recovering from a **data breach can be expensive**. Whether you choose to pay the ransom like this[ South Korean web host](https://www.cnet.com/news/largest-ransomware-ever-demand-south-korea-web-host/) or resolve it internally like the[ city of Baltimore](https://www.baltimoresun.com/maryland/baltimore-city/bs-md-ci-ransomware-email-20190529-story.html) did, _the cost can run into the millions or tens of millions of dollars_. Now a new[ report](https://www.juniperresearch.com/press/press-releases/business-losses-cybercrime-data-breaches) out by Juniper Research predicts the annual worldwide cost of data breaches will surpass **$5 trillion by 2024** (just five years from now). That’s an increase from the 3 trillion dollars it is today. According to an[ article](https://www.scmagazine.com/home/research/annual-global-data-breach-costs-to-exceed-5-trillion-by-2024-report/?utm%5Fsource=newsletter&utm%5Fmedium=email&utm%5Fcampaign=SCUS%5FNewswire%5F20190902&hmSubId=01xQvtS0ero1&email%5Fhash=0da939dab246e8101d6090def505f6f5&mpweb=1325-9948-1896988) on SC Magazine website, “The significant upswing will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm.” _Did you ever stop to think how big $5 trillion is?_ Today,[ the world economy is about $80 trillion](https://bysygy.net/2019/02/how-big-is-the-world-economy/) in US dollars. If we assume a 3% GDP growth over the next five years, we expect the world economy to be about **$96 trillion in 2024**. _That means the cost of data breaches will exceed 5% of the world’s output_. To put that number in perspective, according to research from[ Deloitte](https://www2.deloitte.com/global/en/pages/life-sciences-and-healthcare/articles/global-health-care-sector-outlook.html), the global healthcare market is estimated to be about $10 trillion in 2024\. So, in five years, the world will spend half as much on data breaches as it does providing healthcare for eight billion people. _The difference is that providing healthcare is a valuable service while dealing with data breaches is a waste of time and money_. If the report is accurate, in 2024 the world would be able to spend $4 trillion on cyber defenses to **prevent data breaches** and it would be a good investment. But, how do we defend ourselves from data breaches? ![Phishing email prevention](https://media.mailhop.org/phishprotection/images/2019/09/phishing-email-prevention-6718.jpg) We know from research that somewhere between[ 91% and 93% of all cybercrimes and cyber-attacks start with a phishing email](https://www.securityweek.com/deepphish-project-shows-malicious-ai-not-dangerous-feared). In other words, if you want to stop data breaches you have to first **stop phishing attacks**. Is that even possible? According to the report, “Juniper’s forecast also anticipates that most breaches through 2024 will target small- and medium-sized enterprises with budgets that are insufficient to adequately defend against cyber threats.” But that just isn’t the case anymore. With the **cloud-based technology** available today, most companies can [prevent phishing](/) attacks for pennies per employee per month. It can be done quickly and is available to every company, regardless of size or technical knowhow. ![Phishing protection](https://media.mailhop.org/phishprotection/images/2019/09/phishing-protection-9752.jpg) If you want to avoid becoming part of the data breach statistics, check out[ Phish Protection](/). It uses six layers of security to provide real-time link click protection and give your employees [protection from phishing](/content/phishing-prevention/). _You can be up and running in 10 minutes and try it free for 30 days_. ## Topics [ Cybersecurity ](/tags/cybersecurity/) ![Brad Slavin](https://media.mailhop.org/phishprotection/images/authors/brad-slavin.jpg) [ Brad Slavin ](/authors/brad-slavin/) General Manager Founder and General Manager of DuoCircle. Product strategy and commercial lead across DuoCircle's 2,000+ customer base. [LinkedIn Profile →](https://www.linkedin.com/in/bradslavin) ## Protect your inbox from phishing attacks Real-time email security with 60-day free trial. No credit card required. [Start Free Trial](https://portal.duocircle.com/cart.php?a=add&pid=101&brand=phishprotection) [View Pricing](/pricing/) ## Related Articles [ Intermediate 3m 13,000 Singapore-based students affected as a threat actor hacked into their devices! Aug 16, 2024 ](/blog/13000-singapore-based-students-affected-as-a-threat-actor-hacked-into-their-devices/)[ Intermediate 3m The 2024 Multi-Nation Elections Need to Steer Clear of Highly Potent Cyber Menaces May 9, 2024 ](/blog/2024-multi-nation-elections-cyber-threats-stay-vigilant/)[ Intermediate 6m 7 Commonly Overlooked But Crucial Security Threats That You Might be Ignoring Feb 6, 2023 ](/blog/7-commonly-overlooked-but-crucial-security-threats-that-you-might-be-ignoring/)[ Intermediate 17m 9+ Cybersecurity Software Solutions For Businesses To Use May 30, 2022 ](/blog/9-cybersecurity-software-solutions-businesses/) ```json {"@context":"https://schema.org","@type":"Organization","name":"Phish Protection","url":"https://phishprotection.com","logo":{"@type":"ImageObject","url":"https://phishprotection.com/images/phishprotection-logo.png"},"description":"Advanced phishing protection and email security for businesses. 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