Who’s paying the price of cybercrime?
Cybercrime has become a global epidemic, with costs soaring across sectors and borders. But who’s paying the price and how has that changed since the turn of the century?
Researchers from vpnMentor have analyzed 25 years of FBI Internet Crime Complaint Center (IC3) data along with a review of major global incidents to discover the cost of cybercrime and how it’s evolving.
In 2024, the total number of cybercrime complaints to IC3 reached 859,532, equating to approximately one complaint for every 395 US residents. The volume of cybercrime complaints reported has steadily increased over time, rising from 16,838 complaints in 2000 -- a 51-fold growth by 2024.
In 2024, losses reported to the IC3 reached a new record of a staggering $16.6 billion. This represents a 32.8 percent rise compared to the previous year, when $12.5 billion was lost to cybercrime. By contrast losses were a mere $6.7 million in 2000.
The analysis shows that where consumers are concerned losses increase with age. Seniors lead in both the number of complaints filed and the total financial losses, with 147,127 complaints and $4.8 billion lost. By contrast, individuals under 20 reported the fewest complaints and the lowest financial losses, totaling 17,993 complaints and $22.5 million lost. Young adults also experience relatively low figures, with 71,399 complaints and $540.1 million in losses.
When it comes to losses investment scams topped the list in 2024, with reported losses approaching $6.6 billion. Although phishing generated the highest number of complaints, it accounted for only $70 million in losses, representing just 0.4 percent of the total money lost last year.
In the corporate world 100 of the most high-profile cybercrime cases from 1988 to 2025 combined have caused financial losses exceeding $128 billion. Data breaches are the most prevalent here, accounting for 35 reported incidents. Notable examples include the Yahoo mega-breach, the Equifax breach, the Target data breach, and the Capital One cloud breach.
Ransomware attacks, however, inflicted the greatest financial damage on corporations, with combined losses exceeding $6 billion.
Krista Reyes, cybersecurity researcher at vpnMentor, writes on the company’s blog:
The financial impact of cybercrime is staggering, with global losses projected to be trillions of dollars annually. The burden falls unevenly across different groups, with investment scams and elder fraud causing particularly severe financial harm. Additionally, the evolving tactics of cybercriminals -- accelerated by technological advancements like AI -- mean that the landscape of threats is constantly shifting, demanding adaptive and proactive defense strategies.
Despite the daunting figures, understanding who is paying and how the costs are distributed provides critical insight for shaping effective cybersecurity policies and protections.
You can read more, along with analysis of the impact of some of the most high profile attacks on the vpnMentor blog.
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