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
 

Recommended Reading:

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   >   >>
COVID-19: Latest Security News & Commentary
Dark Reading Staff 7/6/2020
Russian Cyber Gang 'Cosmic Lynx' Focuses on Email Fraud
Kelly Sheridan, Staff Editor, Dark Reading,  7/7/2020
Another COVID-19 Side Effect: Rising Nation-State Cyber Activity
Stephen Ward, VP, ThreatConnect,  7/1/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Special Report: Computing's New Normal, a Dark Reading Perspective
This special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
Flash Poll
The Threat from the Internetand What Your Organization Can Do About It
The Threat from the Internetand What Your Organization Can Do About It
This report describes some of the latest attacks and threats emanating from the Internet, as well as advice and tips on how your organization can mitigate those threats before they affect your business. Download it today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-3931
PUBLISHED: 2020-07-08
Buffer overflow exists in Geovision Door Access Control device family, an unauthenticated remote attacker can execute arbitrary command.
CVE-2020-15600
PUBLISHED: 2020-07-07
An issue was discovered in CMSUno before 1.6.1. uno.php allows CSRF to change the admin password.
CVE-2020-15599
PUBLISHED: 2020-07-07
Victor CMS through 2019-02-28 allows XSS via the register.php user_firstname or user_lastname field.
CVE-2020-8916
PUBLISHED: 2020-07-07
A memory leak in Openthread's wpantund versions up to commit 0e5d1601febb869f583e944785e5685c6c747be7, when used in an environment where wpanctl is directly interfacing with the control driver (eg: debug environments) can allow an attacker to crash the service (DoS). We recommend updating, or to res...
CVE-2020-12821
PUBLISHED: 2020-07-07
Gossipsub 1.0 does not properly resist invalid message spam, such as an eclipse attack or a sybil attack.