Financial damages from cybercrime are growing at an alarming rate. The total global impact of cybercrime to individuals, businesses, and governments in 2023 was estimated to be an astounding $11 trillion, and is expected to cost the global economy more than $20 trillion by 2026. In the U.S alone, the FBI recorded more than 880,000 cybercrime complaints by individuals with potential damages totaling $12.5 billion in 2023, up from $3.5 billion only four years ago. By some estimates, roughly one-third of U.S. residents have experienced some form of identity theft and that figure is expected to rise.
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