Cybercrime is the world’s third-largest industry

Cybercrime has become the world's third-largest economy after the US and China, driven by the availability of ransomware-as-a-service and malware sold on the dark web. Even those without technical skills can launch sophisticated attacks by easily accessing these tools online. The rapid adoption of the Internet of Things (IoT) has also created security gaps that are being exploited by cybercriminals. The rise in ransom demands, due to high-profile attacks such as the Colonial Pipeline hack, has encouraged more people to enter the market, with cybercrime a growing global issue. According to recent research, the average ransom payout is now over $800,000, with the cybercrime industry set to cost up to $10.5 trillion per year by 2025.