Cybercrime To Cost The World $10.5 Trillion Annually By 2025
November 18 2020 - 11:02AM
Cybersecurity Ventures predicts global cybercrime costs will
grow by 15 percent per year over the next five years, reaching
$10.5 trillion USD annually by 2025, up from $3 trillion USD in
2015. This prediction is part of a special report conducted by
Cybersecurity Ventures and sponsored by
INTRUSION,
Inc. (NASDAQ: INTZ).
This represents the greatest transfer of economic
wealth in history, risks the incentives for innovation and
investment, is exponentially larger than the damage inflicted from
natural disasters in a year, and will be more profitable than the
global trade of all major illegal drugs combined.
"Cybercrime costs include 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," says Steve Morgan, founder of
Cybersecurity Ventures and editor-in-chief at Cybercrime
Magazine.
"Cybercriminals know they can hold businesses — and
our economy — hostage through breaches, ransomware, denial of
service attacks and more. This is cyberwarfare, and we need to
shift our mindset around cybersecurity in order to protect against
it," says Jack B. Blount, President and CEO at
INTRUSION, Inc.
Organized cybercrime entities are joining forces,
and their likelihood of detection and prosecution is estimated to
be as low as 0.05 percent in the U.S., according to the World
Economic Forum's 2020 Global Risk Report.
"Every American organization — in the public and
private sector — has been or will be hacked, is infected with
malware, and is a target of hostile nation-state cyber intruders,"
adds Blount, who is also the former CIO at the United States
Department of Agriculture (USDA).
Blount's assertion is backed up by some of the
nation's top cyberwarfare and cybersecurity experts, and Fortune
500 chief information security officers, in a roundtable
discussion which recently aired on the Cybercrime Radio
podcast channel.
Cybersecurity Ventures and
INTRUSION, Inc. have partnered on a series of
initiatives aimed at providing thought leadership and guidance to
CISOs and cybersecurity teams in the U.S. and globally.
About
Cybersecurity Ventures is the world's leading
researcher and publisher covering the global cyber economy, and a
trusted source for cybersecurity facts, figures, predictions, and
statistics.
INTRUSION, Inc. is a global
provider of entity identification, high speed data mining,
cybercrime and advanced persistent threat detection
products.
Related
Linkshttps://cybersecurityventures.comhttps:/intrusion.com
Cautionary Statement Regarding Forward
Looking Information
This release may contain certain forward-looking
statements, which reflect management's expectations regarding
future events and operating performance and speak only as of the
date hereof. These forward- looking statements involve a number of
risks and uncertainties. These statements are made under the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995 and involve risks and uncertainties which could cause
actual results to differ materially from those in the
forward-looking statements, including, risks that we have detailed
in the Company's most recent reports on Form 10-K and Form 10-Q,
particularly under the heading “Risk Factors.”
Company & Media ContactJulia
Kramerjkramer@intrusion.comP: 972-301-3635 |
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