Cybersecurity Ventures: “Annual Cybercrime Costs Will Total US$6tn By 2021”

For those who were left wondering if the cybercrime trend will continue the short answer is yes. The longer answer, however, is yes, but it will even get worse. Global costs associated with cybercrime are expected to hit US$6tn per year by 2021. Yes, that is trillion with a “t” in the front. Quite a lucrative business for criminals, that much is certain.

This Is Only The Beginning Of Cybercrime Worries

Now that various corporations around the world have started stockpiling Bitcoin to meet ransomware demands, one would expect things could get back to normal. Nothing could be further from the truth, though, as this “roll over’ attitude by enterprises will attract even more cybercrime in the coming years.

A new Cybersecurity Ventures report is painting a very worrisome picture, to say the least. Their expectations indicate the total cost of cybercrime will add up to US$6 trillion per year in the next five years. Some people may feel this number is astronomically high, but there is substantial evidence to support these claims.

When it comes to cybercrime there are multiple factors to take into account. Damages associated with cybercrime range from stolen money to productivity losses and stolen intellectual property. But things go well beyond these things, as there is also embezzlement, fraud, and post-attack disruption. All things considered, it is a major hassle to deal with.

But there are other driving factors to push the costs to astronomical levels. If it takes longer to detect a crime, the price to solve these problems will only increase. That is, assuming the crime is detected in the first place. As we have seen with some of the recent malware attacks against point-of-sale devices, that process can take up to several years.

The Cybersecurity Ventures report also makes a mention of how the cyber attack “surface” will continue to expand exponentially. This means more regions will be targeted through a wider variety of attack vectors. No one seems to be safe from internet criminals these days, and security is only an illusion a this stage.

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