Global cybercrime damage costs
Cybercrime costs the global economy as much as hundreds of billion dollars. New technologies and connections mean new opportunities to some and new threats to others. In the past years, security research suggests most companies have unprotected data and poor cybersecurity practices, making them vulnerable to data loss. To successfully fight against malicious intent, companies must make cybersecurity awareness, prevention, and security best practices a part of their culture.
If it were measured as a country, then cybercrime — which is predicted to inflict damages totaling $6 trillion globally in 2021 — would be the world’s third-largest economy after the U.S. and China.
In Europe and Central Asia, Germany has $64 billion in cybercrime damages per year, the most developed criminal underground. United Kingdoms ' most common crimes are online fraud and cybercrime, but Russia leads cybercrime perpetrators – 1, 2 billion email usernames and passwords acquired by one group.
Overall, the average annual cost to organizations has been ballooning for all types of cyberattacks. For example, a single malware attack in 2018 cost more than $2.6 million, while ransomware costs rose the most between 2017–2018, from $533,000 to $646,000 (a 21% increase), says World Economic Forum. Moreover, Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015. This represents the most significant 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.
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