In the research paper titled “The World In 2030,” Bank of America highlights insights from industry analysts, who predict that cybercrime encompassing activities like hacking, the creation of fake videos, and the theft of personal data could cost the global economy $10.5 trillion by 2025. This staggering figure positions cybercrime as the third largest economy in the world, trailing only the United States and China. The rapid advancement of AI technologies, particularly in generating deep fake videos and phone calls, is expected to make these crimes even more effective and difficult to combat.
Adam Evans, Senior Vice President and Chief Information Security Officer at the Royal Bank of Canada, notes that one of the primary reasons for these high losses is that many businesses tend to underestimate the risks they face. Consequently, they often under-invest in necessary cybersecurity measures.
According to a report by GOBankingRates, a Gen Digital media property, the growing prevalence of online threats is likely to compel both businesses and governments especially in the United States to significantly increase their cybersecurity expenditures.
This surge in spending will encompass various sectors, including banking, defense, and critical infrastructure. As a result, it may boost profits for security companies and pave the way for innovative solutions in online security.
“Cybersecurity is the only line item that theoretically has no spending limit,” states Morgan. “Before a company experiences a cyberattack or a series of attacks, there is a predetermined budget. However, once an attack occurs, the actual spending often escalates dramatically. What business or consumer would refrain from spending whatever it takes to recover from a hacking incident?”
Unlike other technology sectors that focus on reducing inefficiencies and enhancing productivity, cybersecurity spending is primarily driven by the threat of cybercrime. This point is further emphasized in the 2026 Cybersecurity Market Report, which was published by Cybercrime Magazine in collaboration with Evolution Equity Partners.
In 2015, Bank of America CEO Brian Moynihan made headlines by announcing that the bank had an unlimited cybersecurity budget. Morgan reflects, “Moynihan was brutally honest. What he stated then holds true now and will continue to resonate in the future for Fortune 500 companies, Global 2000 enterprises, and even Main Street businesses. He had the fortitude to express this without concern for the potential backlash.”
Ultimately, as noted by GOBankingRates, the bottom line is clear: unless spending on cybersecurity keeps pace with the rising online risks, growth will be hindered. However, the field of cybersecurity itself may evolve into a substantial business sector.
