This special report on cybercrime is sponsored by Herjavec Group, a leading global information security advisory firm and Managed Security Services Provider (MSSP) with offices across Canada, the United States, United Kingdom and Australia. Download a PDF version of the report or view the Cybercrime Infographic.
Cybersecurity Ventures predicts cybercrime will cost the world in excess of $6 trillion annually by 2021.
- Cybersecurity Ventures predicts global annual cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which includes 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.
- Global spending on cybersecurity products and services for defending against cybercrime is projected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021, according to the Cybersecurity Market Report, which is published quarterly by Cybersecurity Ventures.
- The U.S. has declared a national emergency to deal with the cyber threat, while others claim the world is engaged in a global cyberwar.
- Cyber threats have evolved from targeting and harming computers, networks, and smartphones — to people, cars, railways, planes, power grids and anything with a heartbeat or an electronic pulse.
- The world’s cyber attack surface will grow an order of magnitude larger between now and 2021.
- Black-Hat hackers are motivated by money, espionage, notoriety, and malicious intent… and they are faster, more daring, and more experienced than White-Hats who are constrained by boundaries and rules.
- There is no effective law enforcement for financial cybercrime today.
- There is a severe cybersecurity workforce shortage, with one million cybersecurity jobs open in 2016 — which is expected to reach 1.5 million by 2019.
- Enterprise IT infrastructures and databases — the treasure troves for cyber pirates — are facing more hostile and complex cyber-attacks. Corporations are increasingly turning to third party data breach and incident response firms, and Managed Security Service Providers (MSSPs), for help with cyber-defense.
- Nearly half of all cyber-attacks are committed against small businesses.
- Businesses and governments are fighting back with security awareness training for employees — which is expected to become a fundamental cyber-defense strategy by 2021.