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Report predicts cybercrime will cost the world over $6 trillion annually by 2021. That is spelled with a T.

Cybercrime

A mind-boggling report by researchers that forecast over 6 TRILLION USD in cybercrime annual losses by 2021. The predicted cybercrime cost takes into account all damages associated with cybercrime including: damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. It does not include the cost incurred for unreported crimes.

Other research has shown that the cost of cybercrime increases the longer it takes to detect it, if it’s detected at all. According to the Ponemon Cost of Data Breach report, the longer it takes to find and resolve a breach, the more costly it will be for an organization. Breaches identified in fewer than 100 days cost companies an average of about $1 million less than those that take more than 100 days to be discovered, according to Ponemon. And in the 2016 Dark Reading Security Salary Survey, 9% of IT and infosec pros don’t even know if they’ve been breached. A study by The Office of National Statistics for England and Wales found that most cybercrimes go unreported.

The Cybersecurty Ventures report, which is a compilation of cybercrime statistics from the last year, also predicts that the world’s cyberattack surface will grow an order of magnitude larger between now and 2021.

  • Cybersecurity Ventures predicts global annual cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.
  • Global spending on cybersecurity products and services for defending against cybercrime is projected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021, according to the Cybersecurity Market Report, which is published quarterly by Cybersecurity Ventures.
  • The U.S. has declared a national emergency to deal with the cyber threat, while others claim the world is engaged in a global cyberwar.
  • Cyber threats have evolved from targeting and harming computers, networks, and smartphones — to people, cars, railways, planes, power grids and anything with a heartbeat or an electronic pulse.
  • The world’s cyber attack surface will grow an order of magnitude larger between now and 2021.
  • Black-Hat hackers are motivated by money, espionage, notoriety, and malicious intent… and they are faster, more daring, and more experienced than White-Hats who are constrained by boundaries and rules.
  • There is no effective law enforcement for financial cybercrime today.
  • Enterprise IT infrastructures and databases — the treasure troves for cyber pirates — are facing more hostile and complex cyber-attacks. Corporations are increasingly turning to third party data breach and incident response firms, and Managed Security Service Providers (MSSPs), for help with cyber-defense.
  • Nearly half of all cyber-attacks are committed against small businesses.
  • Businesses and governments are fighting back with security awareness training for employees — which is expected to become a fundamental cyber-defense strategy by 2021.

http://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/

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