Global cybercrime costs set to double by 2021

Damage and data destruction, stolen money, lost productivity, embezzlement, and fraud… the costs resulting from cybercriminal activity is set to grow from $3 trillion to $6 trillion by 2021, according to the Cybersecurity Market Report. In early 2015, the British insurer Lloyd's estimated that cybercrime was costing businesses globally $400 billion annually — which included direct damage plus post-attack disruption to the normal course of business.

By 2020, "the world will need to cyber-defend 50 times more data than it does today" and over 4 billion people will have data stored online - more than double the number of people who currently have internet access.

Do you want to be at the leading edge of finance and business? You can't afford to miss out on the opportunity to hear from finance leaders and experts if you want success, inspiration and profitability in 2017! One of the tracks for the first CFO Summit of the year. to be held on 22 February in Sandton, is entitled Technology for tomorrow: Doomsday or opportunity? The truth about cyber crime. Register HERE.

Cybercrime has become an important issue on the agenda of the world's most powerful economies, with US President Barack Obama urged to make the battle against cybercrime a priority to limit the damage caused without effective law enforcement. It is now considered a state of emergency for the USA.

In response, global spending on cybersecurity products and services for defending against cybercrime is projected to exceed $1 trillion cumulatively over the next five years, with security awareness training for employees a key part of the defense strategy.