Cybercrime cost is expected to reach $10.5 trillion annually by 2025

The acceleration of digital transformation has fundamentally changed and unravelled a lot of things across various companies, as companies reshape their business models, technology has become an important fabric in running the business itself. High profile digital transformation including turning data into knowledge, insights, and actions for numerous purposes.

Technologies such as cloud computing and various forms of artificial intelligence serve as enablers to better create value and transform. Yet, they as well pose challenges on a cybersecurity level. Moreover, some technologies are leveraged by cybercriminals to get better results.

Cyberattacks are a threat to businesses of all sizes and in all industries. With cybercrime rising by 600% during the pandemic, businesses are more vulnerable than ever to the financial and reputational repercussions of cyberattacks. This makes it even more important for businesses and organizations to make cybersecurity a priority.

Global cybercrime costs are on the rise, increasing 15 per cent year over year. By 2025, it is estimated that cybercrime will cost businesses worldwide $10.5 trillion annually. With the global cost of cybercrime at $3 trillion in 2015, that’s more than a threefold increase over a decade. This represents the “greatest transfer of economic wealth in history.

To put this into perspective, if the total of $6 trillion in cybercrime losses in 2021 were measured as if it were a country, this would be the world’s third-largest economy after the U.S. and China. A ransomware attack occurs when malicious software infects computers and restricts their access to files until a ransom is paid.

It’s estimated that global ransomware damage costs will reach $20 billion in 2021, 57 times the amount in 2015. The report also predicted that a ransomware attack will occur every 11 seconds in 2021, up from every 40 seconds in 2016. The spiking of cyberattacks brings the CISOs working tirelessly as the catalysts for change and to deliver business value, overcome security systems complexities, mitigate risks and minimize costs and many more.

Deepak Sahu, President & CEO, VARINDIA