Global cybercrime is seen hitting $14tn by 2028, according to a report by Munich Re. The reinsurer said the projection reflects cybercrime evolving into a systemic risk, capable of disrupting businesses, critical infrastructure and entire economies rather than just individual organisations.
Munich Re said the projected losses reflect a rapid rise in both the frequency and severity of cyberattacks, driven by increasing digitalisation, global connectivity and the growing sophistication of cybercriminal networks. The report listed key threats, including ransomware, data breaches, business email compromise and distributed denial-of-service attacks, with small and medium-sized enterprises among the most affected.
The report also underscored that a significant protection gap remains, as most cyber exposures remain uninsured. Many organisations continue to underestimate their vulnerability, even as attacks become more complex and costly. This leaves businesses exposed not only to financial losses but also to operational disruption and reputational damage.
Geopolitical tensions and technological advancements such as artificial intelligence, according to the report, are also reshaping the cyber threat landscape. Munich Re said these factors are increasing the likelihood of large-scale, interconnected incidents that could trigger cascading impacts across sectors.
As cybercrime continues to grow into a multi-trillion-dollar threat, insurers are expected to play a critical role in helping organisations manage risk, strengthen resilience and respond to incidents more effectively. However, closing the protection gap will require greater awareness, improved risk assessment and closer collaboration between insurers, businesses and governments.