Cybercrime Magazine Security Incident

Cybercrime Costs. PHOTO: Cybercrime Magazine. 21 Feb Cybercrime To Cost The World $10.5 Trillion Annually By 2025 Posted at 12:57h in Reports , Research by Cybercrime Magazine Special Report: Cyberwarfare In The C-Suite. Steve Morgan , Editor-in-Chief Sausalito, Calif. Nov. 13, 2020 If it were measured as a country, then cybercrime which is predicted to inflict damages totaling $6 trillion USD globally in 2021 would be the worlds third-largest economy after the U.S. and China . Cybersecurity Ventures expects global cybercrime costs to 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 histor y, 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. The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today. 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. CYBERCRIME HITS HOME The United States, the worlds largest economy with a nominal GDP of nearly $21.5 trillion, constitutes one-fourth of the world economy , according to data from Nasdaq. Cybercrime has hit the U.S. so hard that in 2018 a supervisory special agent with the FBI who investigates cyber intrusions told The Wall Street Journal that every American citizen should...

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