Global Cybercrime Costs $9.5 Trillion Globally, Says ICT Minister

The global cost of cybercrime is expected to reach a staggering $9.5 trillion in 2024, marking a 15% increase compared to the previous year, according to Amr Talaat, Egypt’s Minister of Communications and Information Technology.

Speaking at the 9th Arab Cybersecurity Conference, held under the theme "The Role of Artificial Intelligence in Cyber Defense", Minister Talaat emphasized the urgent need for greater Arab collaboration in cybersecurity through joint training programs, information exchange, coordinated response mechanisms, and regional innovation frameworks aimed at empowering Arab startups.

“As our reliance on digital technologies deepens, so too do the threats. Cyberattacks no longer target systems alone, they strike at trust, sovereignty, and the stability of entire sectors,” said Talaat during his keynote speech.

The Escalating Threat Landscape

The minister highlighted alarming figures from recent global reports, including a ransomware attack occurs every 11 seconds globally. He added that over 300 million people were targeted by cyberattacks in 2023 alone. Cybercrime costs will surpass $9.5 trillion in 2024, with annual growth outpacing 15%.

Talaat warned that the rise of AI-driven automation, digital infrastructure integration, and cross-border connectivity amplifies vulnerabilities, especially as governments adopt fully digitized economies and smart service models.

Egypt’s National Cybersecurity Strategy (2023/27)

Talaat also outlined the pillars of Egypt’s National Cybersecurity Strategy, spearheaded by the Supreme Council for Cybersecurity:

Regulatory and Institutional Frameworks – Updating legislation and strengthening regulatory authority.

Cyber Awareness & Digital Literacy – Launching national campaigns to foster a culture of cybersecurity among citizens.

Cyber Defense Infrastructure – Establishing incident response centers and securing supply chains.

Research & Innovation – Supporting excellence centers and promoting secure AI, encryption, and monitoring technologies.

Regional and International Collaboration – Engaging in global standard-setting and signing multilateral agreements.

Globally, the cybersecurity industry is experiencing a critical talent gap, with over 3.5 million positions unfilled. Egypt, said the minister, is actively investing in capacity building, partnering with both public and private sectors to train high-caliber specialists, particularly for critical infrastructure