Cybercrime will cost the world $6 trillion annually by 2021

Cybercrime Blogs | IEMLabs

In recent times cybercrime has become one of the biggest problems with mankind and it is one the greatest threats in today’s world. According to Cybersecurity Ventures, cybercrimes had cost $3 trillion in 2015. But they predicted that Global Cybercrime Damages will reach $6 trillion annually by 2020. This prediction has been acknowledged by several major media outlets, senior government officials, tech-industry experts, world’s largest cybersecurity companies, and cyber fighters globally.

 

This damage cost has been estimated by analyzing the cybercrime figures of recent years. There has been a rapid increase in hacking activities and ransomware attacks in the past few years. Cybercrime costs mainly include destruction of data, lost productivity, stolen money, theft of intellectual property, lost productivity, theft of personal and financial data, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems.

 

The primary goal of Cyber security Venture was to spark major discussion on the issue of cybercrime  and cyber defense from local, national, and global political, business, technology, and cyber leaders. In a report published in 2017 it was predicted that there will be 3.5 million unfilled cyber security jobs by 2021. So it is high time for every IT worker and every technology worker to be involved with protecting and defending apps, data, devices, infrastructure, and create consciousness among people about this issue.

By Hrithik Lall

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.

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