Cybercrime Damages Are Predicted to Cost $6 Trillion Annually by 2021
Tuesday, November 7th, 2017
Cybercrime is the greatest threat to every company in the world, and one of the biggest problems with mankind. The impact on society is reflected in the Official 2017 Annual Cybercrime Report, announced by Cybersecurity Ventures.
According to the report, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, 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 and Editor-In-Chief at Cybersecurity Ventures.
Cyberattacks are the fastest growing crime in the U.S., and they are increasing in size, sophistication and cost.
"We are edging closer and closer to seeing Cybersecurity Ventures' $6 trillion in costs attributed to cybercrime damages globally," says Robert Herjavec, founder and CEO at Herjavec Group, a Managed Security Services Provider with offices and SOCs (Security Operations Centers) globally, and a Shark on ABC's Shark Tank.
Cybercrime is creating unprecedented damage to both private and public enterprises, and driving up information and cybersecurity budgets at small businesses, mid-sized to F500 and G2000 corporations, governments, educational institutions, and organizations of all types globally.
Cybersecurity Ventures predicts global spending on cybersecurity products and services will exceed $1 trillion cumulatively over the next five years, from 2017 to 2021. Taken as a whole, they anticipate 12-15 percent year-over-year cybersecurity market growth through 2021.
Cybercrime is expected to triple the number of job openings to 3.5 million unfilled cybersecurity positions by 2021 -- which is up from 1 million in 2014 -- and the cybersecurity unemployment rate will remain at zero-percent.
The Official 2017 Annual Cybercrime Report is sponsored by Herjavec Group, a leading global information security consulting and advisory firm and Managed Security Services Provider (MSSP) with offices and SOCs (Security Operations Centers) globally.