Cybersecurity Ventures predicts cybercrime damages will cost the world $6 trillion annually by 2021
Cybercriminal activity is one of the biggest challenges that humanity will face in the next two decades.
– Steve Morgan, Editor-In-Chief
Menlo Park, Calif. — Oct. 16, 2017
Last year, Cybersecurity Ventures predicted that 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.
The cybercrime prediction stands, and over the past year it has been corroborated by hundreds of major media outlets, universities and colleges, senior government officials, associations, industry experts, the largest technology and cybersecurity companies, and cybercrime fighters globally.
The damage cost projections are 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 cyber attack surface which will be an order of magnitude greater in 2021 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.