According to a report published by Cybersecurity Ventures, global cybercrime costs will grow by 15% per year over the next five years, reaching US$10.5 trillion annually by 2025, up from a ‘mere’ US$3 trillion in 2015.
This prediction is part of a special report conducted by Cybersecurity Ventures and sponsored by INTRUSION, Inc.
This incredible figure 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 to the criminals behind it than the global trade in all major illegal drugs combined.
“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,” says one business analyst.
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