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Cybercrime will total $ 10.5 trillion in 2025

Cybersecurity Ventures, a cybersecurity statistics and forecast resource, says the global cost of cybercrime will reach $ 10.5 billion by 2025.

That will more than triple the $ 3 billion in 2015, a 15% annual increase for each of the next five years. The projected sum represents the largest transfer of economic wealth in history and poses a major risk for innovation and investment.

To put it in perspective, it will far exceed the annual damage caused by natural disasters around the world. It would also be more profitable than illicit drug trafficking around the world.

“The cost of cybercrime includes data corruption and destruction, stolen money, loss of productivity, intellectual property theft, theft of personal and financial data, embezzlement, fraud, interruption of normal activities after the attack. Forensic investigation, recovery and removal of the hacked Data and systems and reputational damage, “said Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief of Cybercrime Magazine.

Cybersecurity Ventures and INTRUSION, Inc., a provider of entity identification, high-speed data extraction, cybercrime and advanced persistent threat detection products, have partnered to provide thought leadership and guidance to chief information security officers. and cybersecurity teams from the US and around the world. .

“Cyber ​​criminals know that they can hold businesses and our economy hostage through breaches, ransomware, denial of service attacks and more. This is cyber warfare and we need to change our attitudes towards cybersecurity to protect against it. ” said Jack B. Blount, President and CEO of INTRUSION, Inc.

Since the World Economic Forum’s Global Risk Report 2020 estimates that only 0.05% of organized cybercrime is prosecuted and that many cybercriminals band together, all American organizations are at risk of falling victim to cybercrime.

“All American organizations in the public and private sectors have been hacked or are being hacked, infected with malware and are being attacked by hostile cyber intruders from nation states,” said Blount.

Some of the foremost cyber war and cybersecurity experts in the United States, as well as Fortune 500 information security chiefs (CISOs) endorsed Blount’s claims during a panel discussion. Participants discussed their concerns about the complexity, intensity, size and growing number of cyber attacks on American companies of all types and sizes.

Source: ITPro

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