Cybersecurity Ventures predicts cybercrime will cost the world in excess of $6 trillion annually by 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