The estimated global cost of cybercrime in 2024 is US$9.5 trillion.
Over the following two years, the cost of cybercrime damage is predicted to increase by 15% annually, reaching US$10.5 trillion by 2025.
The issue is a challenge in Jamaica as well.
Local banks identified approximately $715 million in fraud losses in 2021, $800 million in 2020, $1.3 billion in 2019, and $1.2 billion in 2018, according to the Bank of Jamaica.
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