Global cost of cybercrime will grow from $3 trillion in 2015 to $6 trillion annually by 2021

The global cost of cybercrime continues to increase, this isn’t a surprise due to the intensification of this kind of illegal practice. According to an analysis conducted by Cybersecurity Ventures, the cost of cybercrime could reach $6 trillion by 2021 (global annual cybercrime costs has been estimated $3 trillion in 2015).

Security experts are questioning about the effective grow of the cost of cybercrime in the next five years, trillion dollars plus is a worrying trend, but anyway possible as explained by Larry Ponemon, founder of the Ponemon Institute.

“a trillion dollars plus is a real possibility,” commented Larry Ponemon. “If you asked me five or six years ago, I’d fall over,”

The growth of the cybercrime activities will force an increase in the global spending on cyber security products and services. Global spending is expected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021.

Criminal activities will evolve from targeting computers and mobile devices to IoT, transportations, and power grids.

The cybercrime cost evaluated by the researchers takes into account all possible damages associated with cybercrime activities including:

• damage and destruction of data, stolen money.
• theft of intellectual property.
• theft of personal and financial data, embezzlement.
• fraud.
• lost productivity.
• reputational harm.
• post-attack disruption to the normal course of business, forensic investigation.
• restoration and deletion of hacked data and systems.

We have also to consider that a significant portion of the overall cost of cybercrime is not calculated due to unreported crimes.

The report highlights the lack of an effective law enforcement agency for financial cybercrime today. Despite the recent successes of law enforcement against criminal organizations worldwide, it is necessary a supplementary effort against the growing threats.

The U.S. has declared a national emergency to deal with the cyber threats, more exposed to them are small businesses.

“The world’s cyber attack surface will grow an order of magnitude larger between now and 2021.” states the report.

Enjoy the report!

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Pierluigi Paganini

(Security Affairs – cost of cybercrime, cyber security)