No Sec Response:
It is absolutely absurd that Cybercrime will cost the world about $10.5 Trillion this year in 2025. NoSec seeks to end this scam of a business by focusing on technology. All IT and Cybersecurity professionals should hold themself accountable for keeping the cycle going.
Article:
If it were measured as a country, then cybercrime — which is predicted to inflict damages totaling $6 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China.
Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.
The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today.
Cybercrime costs include 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.
Author: Special Report: Cyberwarfare In The C-Suite. Steve Morgan, Editor-in-Chief, Sausalito, California.
Date: November, 13, 2020
Link: cybersecurityventures.com/cybercrime-damages-6-trillion-by-2021/
