In this article, we will explore the countries with the 15 Countries With Most Cyber Crime In The World. If you’re interested in learning about the 5 Countries With Most Cyber Crime In The World without diving into the broader cyber warfare industry or the major players in America’s cybersecurity sector, feel free to jump ahead.
In 2022, investment scams emerged as the most expensive fraudulent schemes reported to the IC3, which serves as the primary national reporting entity for cybercrimes. The total reported losses attributable to investment fraud surged from $1.45 billion in 2021 to $3.31 billion in 2022, reflecting a substantial increase of 127%. Notably, within these complaints, cryptocurrency-related investment fraud jumped from $907 million in 2021 to $2.57 billion in 2022, marking an impressive 183% increment. Thus, it is essential that the cybersecurity market of the world gets aligned with the growing need of the world.
The global cybersecurity market had a value of $172.32 billion in 2023 and is projected to reach $424.97 billion by 2024, showing a growth rate of 13.8% during the period from 2023 to 2030. One of the main drivers behind this growth is the increasing adoption of cloud-based security solutions, offering robust data protection through encryption, strong passwords, multi-factor authentication, and dependable backups. Furthermore, the utilization of Internet of Things (IoT) and big data analytics by companies is creating attractive prospects for the industry. The demand for AI and ML-based cybersecurity software across various sectors is also propelling market expansion. Additionally, the necessity for ongoing management of cyber incidents due to the upsurge in social media usage and constant connectivity is fueling the need for cybersecurity measures. Moreover, the escalating incidents of cyber espionage and cyber-terrorism, coupled with the enhanced utilization of cybersecurity tools in military aviation to safeguard aircraft operations from threats, are further bolstering the industry’s growth trajectory.
Conversely, in the United States, Gartner’s forecasts indicate a significant uptick in end-user spending within the information security and risk management market, with figures expected to rise from $172.5 billion in 2022 to $267.3 billion by 2026. Despite the heightened awareness of the importance of cybersecurity investments, current initiatives may still be lacking. American businesses are prioritizing employee training, implementing cybersecurity solutions, strengthening their cybersecurity teams, undergoing external audits, and seeking certifications such as ISO27001 and SOC2. However, studies suggest that only a small fraction of the IT budget is dedicated to cybersecurity, and many companies believe they are not utilizing their cybersecurity budget optimally. To tackle these obstacles, it is crucial for business leaders to formulate a comprehensive cybersecurity strategy before making investments to bolster their overall cybersecurity posture. Before delving into our list of the 15 Countries With Most Cyber Crime In The World, let’s examine U.S. companies active in the cybersecurity sector, including Broadcom Inc. (NASDAQGS:AVGO), Cisco Systems (NASDAQ:CSCO), and CrowdStrike Holdings (NASDAQ:CRWD).
Broadcom Inc. (NASDAQGS:AVGO)
Broadcom Inc. (NASDAQGS:AVGO) is an American provider of enterprise security solutions that takes a holistic approach to mainframe cybersecurity, offering detailed insights and automation to enhance security across platforms without the need for specialized mainframe expertise. This strategy facilitates the creation of a strategic Zero Trust environment throughout the enterprise. In late January 2024, Broadcom’s shares (AVGO) soared to a record high of $1,284 as investors lauded the company’s increased revenue streams resulting from its $61 billion acquisition of cloud-software leader VMware. Investors are also optimistic about the potential for growth in artificial intelligence (AI) initiatives. Going forward, there will be a heightened emphasis on high-margin infrastructure software.
Cisco Systems (NASDAQ:CSCO)
Cisco Systems (NASDAQ:CSCO) is a leading U.S. company in the networking and communications sector, offering a wide array of cybersecurity products and services, including firewalls, routers, switches, VPNs, cloud security, email security, web security, and threat intelligence. For the second quarter ending on December 31, 2023, the company reported a revenue of $12.8 billion, reflecting a 6% decline compared to the previous year. The GAAP EPS stood at $0.65, down by 3% year over year, while the Non-GAAP EPS was $0.87, marking a 1% decrease year over year. Cisco Systems witnessed revenue growth in security, collaboration, and observability segments during this period.
CrowdStrike Holdings (NASDAQ:CRWD)
CrowdStrike Holdings (NASDAQ: CRWD) is a cybersecurity company that specializes in providing endpoint protection, threat intelligence, and incident response services. By utilizing a cloud-native platform and artificial intelligence, the company is able to detect and prevent advanced cyberattacks effectively. In the third quarter of fiscal year 2023, CrowdStrike experienced a substantial improvement in GAAP net income, soaring to $26.7 million, a remarkable turnaround from a loss of $55.0 million. The company’s strong operational cash flow and free cash flow demonstrate its financial resilience. Notably, CrowdStrike Holdings Inc (NASDAQ: CRWD) recently achieved a significant milestone by surpassing $3 billion in Annual Recurring Revenue (ARR).
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Methodology
For compiling our list of 15 Countries With Most Cyber Crime In The World, we consulted The Internet Crime Complaint Center’s 2022 Internet Crime report. The Internet Crime Complaint Center, known as IC3, serves as the primary national reporting entity for cybercrimes. Operated by the FBI, the leading federal agency in cybercrime investigations, IC3 plays a pivotal role in addressing cyber threats. Our ranking is derived from the authority’s compilation of countries based on the total “reported” instances of individuals affected by internet cybercrimes; total victims will be lot higher than the victims who reported or filed the complaint.
With this let’s now jump on to our list of 15 Countries With Most Cyber Crime In The World.
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15. Spain
Number of Victims in 2022: 481
15th on our list of 15 Countries With Most Cyber Crime In The World is Spain. Spain recorded 375,506 cyber breaches in the previous year, marking a 72% increase compared to 2019. It is revealed that in the first half of 2023, Spain ranked as the one of the top countries in Europe in terms of cyber-attacks.
14. Italy
Number of Victims in 2022: 562
Italy’s cybersecurity market was valued at $2.1 billion in 2022, showing an 18% growth from the previous year. Italy maintains its position as the one of the most targeted country worldwide. The rise in remote work has led to a doubling of attacks on PCs in Italy, as cyber criminals target vulnerabilities at the endpoint and specifically employees’ PCs.
13. Turkey
Number of Victims in 2022: 590
13th on our list of 15 Countries With Most Cyber Crime In The World is Turkey. In Turkey, cyber criminals have formed alliances with Russian hackers who recently migrated to the country, resulting in the flooding of an online marketplace with millions of freshly stolen personal credentials. Following their departure from Russia after President Putin initiated military conscription for the conflict in Ukraine, numerous skilled software engineers sought refuge in Turkey. Some of these individuals resorted to minor online scams and fraud in collaboration with local Turkish partners to evade detection, launder illicit profits, and trade extracted credentials from global computer systems in the European black market.
12. Pakistan
Number of Victims in 2022: 829
Pakistan has observed a significant rise in cybercrimes over the past five years, particularly in the province of Punjab. From 2018 to 2022, seven distinct types of cybercrimes were commonly reported in the region. Topping the list was online fraud, with a notable 26,924 complaints registered, followed by online stalking with 18,851 complaints and data theft with 17,749 complaints. Online harassment, primarily targeting women, garnered 2,357 complaints, while hate speech and the misuse of unverified SIM cards resulted in 2,038 and over 1,000 complaints respectively. Child pornography, the least reported offense, accumulated 98 complaints during this period.
11. Philippines
Number of Victims in 2022: 934
In the Philippines, a breach of a database containing over a million police records and approximately 800 gigabytes of personal information of law enforcement employees and applicants occurred in early 2023. This incident represents one of many data breaches in the country as it transitions towards digitalized services and adopts digital financial technologies.
10. Mexico
Number of Victims in 2022: 1,119
Mexico has been a prime target for cyberattacks in Latin America, with 66% of the total cyber incidents between 2021 and 2022 directed at the country, resulting in annual losses ranging from $3 billion to $5 billion. The country experienced a surge in cyberattacks in the first half of 2022, totaling 85 billion attempts, marking a 40% increase compared to the same period in 2021. Mexico also exhibited the highest ransomware distribution activity in the region during the first half of 2022, with more than 18,000 detections.
9. Brazil
Number of Victims in 2022: 1,181
Brazil leads in banking trojan attacks, with 1.8 million attempted infections from June 2022 to July 2023. Notably, Brazil is the producer of eight out of the 13 most popular trojan types globally and is placed 9th on our list of 15 Countries With Most Cyber Crime In The World.
8. Germany
Number of Victims in 2022: 1,494
Germany faces substantial financial losses due to IT equipment and data theft, digital espionage, and industrial sabotage. The German digital association Bitkom estimates these losses to reach $222.7 billion in 2023, exceeding the $216.2 billion threshold for the third consecutive year.
7. South Africa
Number of Victims in 2022: 1,929
South Africa is positioned to become a hub for cybercrime in Africa, with organized crime factions engaging in online scams that defraud individuals and businesses. Prosecuting cybercrime cases proves challenging in South Africa, despite the presence of skilled law enforcement officers adept at handling such cases. However, the country faces a shortage of experts with specialized cybercrime knowledge, creating a gap in combating online criminal activities effectively.
6. France
Number of Victims in 2022: 2,061
While France boasts a robust cybersecurity landscape, findings from an Ipsos and Sopra Steria study indicate widespread apprehension among the French populace. The study shows that 82% of French participants expressed concerns about global cyberattacks, with 79% specifically worried about the state of cybersecurity within France. In a notable incident in December 2022, a cyber-attack targeted a hospital in Versailles, resulting in significant disruptions, including the cancellation of operations and the need to relocate some patients to alternative facilities.
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Disclosure: None. 15 Countries With Most Cyber Crime In The World is originally published on Insider Monkey.