21 Mar

Cybercrime To Cost The World $10.5 Trillion Annually By 2025

Cybercrime is a growing phenomenon that has become a significant problem in the last few years. The number of attacks on computer systems and networks has increased significantly, and cyber criminals are getting more creative and innovative in stealing information from companies.

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 history, 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. 

Cybercrime may be motivated by a range of factors, including:

  • Increase in business networks complexity
    • Bigger networks
    • Lack of visualization to recognize attacks and ploys
    • Less trained network employees
  • Increasing criminal motivation
    • Huge increase of information online
    • More money on the net
  • Increasing commoditization of weapon-focused software
    • Hack for pay
    • Tools to hack for pay
    • Including specialized attack methods and support
  • Lack of user knowledge
    • More users
    • More access methods
    • No training

Biggest Threats 

RANSOMWARE  - A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 — a 15X increase in just two years. The damages for 2018 were estimated at $8 billion, and for 2019 the figure rose to $11.5 billion

CYBER ATTACK SURFACE - “We believe that data is the phenomenon of our time,” said Ginni Rometty, IBM Corp.’s executive chairman, in 2015, addressing CEOs, CIOs and CISOs from 123 companies in 24 industries at a conference in New York City. “It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true — even inevitable — then cyber crime, by definition, is the greatest threat to every profession, every industry, every company in the world.” 

Who Can Take the Lead to Help Mitigate Threat

CSC has an urgent message to executives and directors: The status quo in cyberspace is unacceptable, which is laid out in CSC's seminal 2020 Report, which proposes a course of layered cyber deterrence—all U.S. businesses and governments from cyber-criminality and cyberwarfare. This is the first warning, though. "Some of the same things that we're repeating today are exactly what [cybersecurity expert] Admiral Michael Rogers said in 2014 about cyber threats. From there, we've had the same progression in combating cyber threats year after year."