Global cybercrime costs to hit $9.5 trillion in 2024

Cybercrime is projected to cost the world US$9.5 trillion in 2024. 

Global cybercrime damage costs are expected to grow by 15% per year over the next two years, reaching US$10.5 trillion annually by 2025.

In Jamaica, the problem is also a challenge. 

The Bank of Jamaica reported that local banks detected about $715 million in fraud losses in 2021, $800 million in 2020, $1.3 billion in 2019, and $1.2 billion in 2018.