Cost of cybercrime sort to soar by 2025

Cost of cybercrime sort to soar by 2025

Market news |
By Jean-Pierre Joosting

Cybersecurity Ventures predicts global cybercrime costs will 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.

“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,” says Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief at Cybercrime Magazine.

“Cybercriminals know they can hold businesses — and our economy — hostage through breaches, ransomware, denial of service attacks and more. This is cyberwarfare, and we need to shift our mindset around cybersecurity in order to protect against it,” says Jack B. Blount, President and CEO at INTRUSION, Inc.

Organized cybercrime entities are joining forces, and their likelihood of detection and prosecution is estimated to be as low as 0.05 percent in the U.S., according to the World Economic Forum’s 2020 Global Risk Report.

“Every American organization — in the public and private sector — has been or will be hacked, is infected with malware, and is a target of hostile nation-state cyber intruders,” adds Blount, who is also the former CIO at the United States Department of Agriculture (USDA).

Blount’s assertion is backed up by some of the nation’s top cyberwarfare and cybersecurity experts, and Fortune 500 chief information security officers, in a roundtable discussion which recently aired on the Cybercrime Radio podcast channel.

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