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.

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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.

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