Page 62 - CMA Journal (May-June 2025)
P. 62
Focus Section
Price Tag • The cost of cybercrime worldwide is predicted to reach
$10.29 trillion in 2025, with a 15% annual increase.
When data and/or systems are compromised, the
financial aftermath can be severe and, at times, lead to • In 2024, the average cost of a single data breach hit
irreversible damage and devastation. Costs include legal an all-time high of $4.88 million—a 10% jump from
issues, regulatory and compliance fines, system the previous year.
recoveries, and other expenses, all of which significantly
• On average, a data breach costs $165 per record.
impact routine operations, stock values, and
partnerships. Lastly, the most severe consequence of all is • Organizations employing fewer than 500 people spent
the erosion of customer trust—something no budget 13.4% more on managing data breaches in 2024, with
can restore or repair. According to sources: the average cost now standing at $3.31 million.
60 ICMA’s Chartered Management Accountant, May-June 2025
