Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

8/26/2016
03:30 PM
50%
50%

Global Cost of Cybercrime Predicted to Hit $6 Trillion Annually By 2021, Study Says

Start saving now.The global cost of cybercrime could reach $6 trillion by 2021, according to a Cybersecurity Ventures report.

A report out by Cybersecurity Ventures predicts global annual cybercrime costs will grow to $6 trillion by 2021. 

While a $6 trillion estimate might be a little high, “a trillion dollars plus is a real possibility,” says Larry Ponemon, chairman and founder of the Ponemon Institute. Though this isn’t a number he saw coming down the pipeline. “If you asked me five or six years ago, I’d fall over,” he says.   

The predicted cybercrime cost takes into account all damages associated with cybercrime including: 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. It does not include the cost incurred for unreported crimes. 

Other research has shown that the cost of cybercrime increases the longer it takes to detect it, if it’s detected at all. According to the Ponemon Cost of Data Breach report, the longer it takes to find and resolve a breach, the more costly it will be for an organization. Breaches identified in fewer than 100 days cost companies an average of about $1 million less than those that take more than 100 days to be discovered, according to Ponemon. And in the 2016 Dark Reading Security Salary Survey, 9% of IT and infosec pros don’t even know if they’ve been breached. A study by The Office of National Statistics for England and Wales found that most cybercrimes go unreported. 

The Cybersecurty Ventures report, which is a compilation of cybercrime statistics from the last year, also predicts that the world’s cyberattack surface will grow an order of magnitude larger between now and 2021. 

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Page 1 / 2   >   >>
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:42:40 AM
disruption
"... disruption to the normal course of business, ..."

I think this and the prestige are the biggest hits when it comes to downtime. If your cistimers need your support to provide service to their customers, no customer would be on your site if not up 100% of the time any more.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:39:21 AM
9%?
"... and in the 2016 Dark Reading Security Salary Survey, 9% of IT and infosec pros don't even know if they've been breached. ..."

I day this 9% number is bigger. However it would be hard to get an accurate number since they actually do not know.

 
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:35:56 AM
Re: unless something changes, it likely will
"... simply not want to spend money due to inaccurate threat modeling ..."

I agree with this one too. Unit it hits nobody thinks it is real. There are lots of other places to invest for a quick ROI for companies' point of view, not the security.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:33:14 AM
Re: unless something changes, it likely will
"... how much the $6 Trillion estimate would drop ..."

I say not much. Cybercrime is like another industry, people are running business on it.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:31:01 AM
Re: unless something changes, it likely will
"... commercial interests laugh and claim nobody wants to be bothered ..." Agree. These are golden years for insurance companies
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:28:58 AM
Re: unless something changes, it likely will
"... product liability law; ..."

I agree with this one. We do not hold people responsible on the attacks and people were attacked accountable.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:27:00 AM
Re: unless something changes, it likely will
"... rests put ease of use and convenience as top priority...":

I hear you. If no ease of use, no use, and no need to hack either. That makes but not realistic.
Dr.T
50%
50%
Dr.T,
User Rank: Ninja
8/31/2016 | 11:22:45 AM
Cybercrime
 

Cybercrime is an industry anymore. It employs tons of people.  Also other sectors benefit from it, such as insurance companies.
ankasarentcar
100%
0%
ankasarentcar,
User Rank: Apprentice
8/29/2016 | 5:47:41 AM
Re: unless something changes, it likely will
Excellent information on your Article "Global Cost of Cybercrime Predicted to Hit $6 Trillion Annually By 2021" thank you for taking the time to share with us. Amazing insight you have on this, it's nice to find a website that details so much information about different artists.

By Sewa Mobil Surabaya
jcavery
100%
0%
jcavery,
User Rank: Moderator
8/28/2016 | 9:10:11 PM
Re: unless something changes, it likely will
True, and I'd be curious to see how much the $6 Trillion estimate would drop if security spending increased. For instance, if spending on defensive measures increased 10%, what percentage would the projected cost of breaches drop? I have heard lots of companies simply not want to spend money due to inaccurate threat modeling or weak risk assessments, but if we get smarter about spending on defense, we might be able to control that number a little more.
Page 1 / 2   >   >>
7 Truths About BEC Scams
Ericka Chickowski, Contributing Writer,  6/13/2019
DNS Firewalls Could Prevent Billions in Losses to Cybercrime
Curtis Franklin Jr., Senior Editor at Dark Reading,  6/13/2019
10 Notable Security Acquisitions of 2019 (So Far)
Kelly Sheridan, Staff Editor, Dark Reading,  6/15/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Building and Managing an IT Security Operations Program
As cyber threats grow, many organizations are building security operations centers (SOCs) to improve their defenses. In this Tech Digest you will learn tips on how to get the most out of a SOC in your organization - and what to do if you can't afford to build one.
Flash Poll
The State of IT Operations and Cybersecurity Operations
The State of IT Operations and Cybersecurity Operations
Your enterprise's cyber risk may depend upon the relationship between the IT team and the security team. Heres some insight on what's working and what isn't in the data center.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-12865
PUBLISHED: 2019-06-17
In radare2 through 3.5.1, cmd_mount in libr/core/cmd_mount.c has a double free for the ms command.
CVE-2017-10720
PUBLISHED: 2019-06-17
Recently it was discovered as a part of the research on IoT devices in the most recent firmware for Shekar Endoscope that the desktop application used to connect to the device suffers from a stack overflow if more than 26 characters are passed to it as the Wi-Fi name. This application is installed o...
CVE-2017-10721
PUBLISHED: 2019-06-17
Recently it was discovered as a part of the research on IoT devices in the most recent firmware for Shekar Endoscope that the device has Telnet functionality enabled by default. This device acts as an Endoscope camera that allows its users to use it in various industrial systems and settings, car ga...
CVE-2017-10722
PUBLISHED: 2019-06-17
Recently it was discovered as a part of the research on IoT devices in the most recent firmware for Shekar Endoscope that the desktop application used to connect to the device suffers from a stack overflow if more than 26 characters are passed to it as the Wi-Fi password. This application is install...
CVE-2017-10723
PUBLISHED: 2019-06-17
Recently it was discovered as a part of the research on IoT devices in the most recent firmware for Shekar Endoscope that an attacker connected to the device Wi-Fi SSID can exploit a memory corruption issue and execute remote code on the device. This device acts as an Endoscope camera that allows it...