Cybersecurity also cost companies millions of dollars annually. On average, companies will spend between six and 14 percent of their annual IT budget on cybersecurity (Haislip et al., 2019). According to Leszczyna (2019), by 2022, the total spending on cybersecurity within the United States is projected to reach more than 125 billion, which is a 15 percent increase from 2020. The overall cost of cybersecurity will also increase worldwide. By 2025, it is suspected that cybersecurity will cost the world 10.5 trillion annually (Leszczyna, 2019). However, the cost of cybersecurity goes beyond monetary value. For example, a company who experiences a cyberattack might lose employees, lose customers, lose brand value/reputation, and high legal costs.
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