According to a report from Cybersecurity Ventures, cybercrime across the world is set to grow by a whopping 15% per year over the next five years, and touch a mind boggling $10.5 trillion annually by 2025, up from $3 trillion in 2015.
The phenomenal rise of cybercrime underscores and marks the greatest transfer of economic wealth in history, is set to be increasingly more profitable to criminals , including the one ones which are entrenched in the trade of illegal drugs, illegal weapons and human cargo; it acts as risks for incentives, innovations and investments, and is exponentially bigger than the damage inflicted by natural disasters in a given year.
“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,” said a business analyst.
Increasing penetration of the internet is bring about a massive digitization which is changing the landscape of the global cyber security.
“It is a fact that there is growing vulnerabilities in all spheres of activity. Besides damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement and fraud, cybercrime costs include post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm” said Cybersecurity Ventures.
According to Jack B. Blount, the president and CEO of INTRUSION Inc, cybercriminals know they can hold businesses and the economy to ransom through 0-day exploits, hacking campaigns, ransomware attacks, denial of service attacks and more.
“This is cyberwarfare, and we need to shift our mindset around cybersecurity in order to protect against it,” said Blount.
Entities from organized cybercrime are joining forces and the likelihood of their detection and prosecution is estimated to be as low as 0.05% in the United States, according to a report from the World Economic Forum’s 2020 Global Risk.
“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,” said Blount, who incidentally also happens to be the former CIO at the United States Department of Agriculture (USDA).
His assertion is backed up by some of the nation’s top cyberwarfare and cybersecurity experts, as well as Fortune 500 chief information security officers.
Cybersecurity Ventures along with INTRUSION Inc, have partnered on a series of initiatives aimed at providing leadership and guidance to CISOs and cybersecurity teams in the U.S. and globally to mitigate such issues.
Cybersecurity Ventures is among the world’s top research publication which covers the global cyber economy; it is also a trusted source for cybersecurity experts for statistical facts, figures, and forecasts.
INTRUSION, Inc. is a global provider of entity identification, high-speed data mining, cybercrime and advanced persistent threat detection products.
