Cybercrime Will Cost Businesses Nearly $8 Trillion Over Next 5 Years

///Cybercrime Will Cost Businesses Nearly $8 Trillion Over Next 5 Years

Jupiter research firm has published a report highlighting the financial impact that cybercrime can have on businesses. In this report, the researcher estimates that computer attacks (piracy, theft of personal data, etc.) will cost businesses around the world close to $8 trillion over the next five years.

The report indicates that this threshold will be reached very quickly because of the significant progress of Internet connectivity which has come to a very high-level today. There is also a lack of security in the companies.

The findings of the study contained in the report “The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022,” also indicates that the number of stolen and personal data files could reach 2.8 billion in 2017 alone. According to Jupiter research firm, this figure could reach five billion By the year 2020, almost double what is expected in 2017.

The report’s analysis shows that very often, most major problems occur when organizations try to integrate new innovations, without paying particular attention to safety aspects. That said, it is clear that many companies seek to solve the problem of cybersecurity, by deploying new and innovative solutions. However, according to the report, these attempts failed to produce satisfactory results.

Jupiter’s analysis also highlights the need for businesses to spend more money on cybersecurity (maintenance of their systems, etc.). However, it seems that SMEs (small and medium-sized enterprises) are particularly at risk from cyber attacks, especially since they spend less than $ 4,000 per year on security measures.

Jupiter is not expecting a substantial increase in this amount over the next five years. These SMEs also tend to run old software that ransomware to the like WannaCry operates to commit their packages.

Attacks on hospital infrastructure show that inadequate security policies can now cost both lives and money. The report adds that companies of all sizes need to find the time and budget to improve and secure their systems against cybercrime.

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By |2017-06-28T14:29:18+00:00June 28th, 2017|Data Security, Technology|4 Comments

4 Comments

  1. Deep Kumar September 9, 2017 at 3:24 pm - Reply

    The cybercrime is a big problem nowadays.It’s very very important that “The report adds that companies of all sizes need to find the time and budget to improve and secure their systems against cybercrime.”

    Vvi post Author, Thanks.

  2. Daniel Ogeto O. September 14, 2017 at 11:29 am - Reply

    The digital technology revolution has brought both good and bad in equal measure. It used to be the case that humans were the limiting factor in crime but now that crime comes in the form of software, it can go out and commit offences on its own. The more automated and connected our world gets, the more automated and connected crime gets. A cyber security researcher, Goodman suggests we start to think of the car not as a vehicle but as “a computer that we ride in”. He also suggests that what is connectable is also hackable: that means your boardroom, your car, your TV, even your dishwasher. Many other researcher’s threat analysis shows that ransom-ware is becoming a far more advanced form of malware, as ransoming stored data and devices becomes easier and more valuable than stealing financial details a factor that is exacerbated by the lack of skill development in countering such attacks. Cyber-crime is a growing phenomenon – in 2015, research revealed that more than $315 billion had been lost by businesses around the world during the past 12 months, highlighting a greater need for digital security professionals to act as the guardians of the cyber-world.

  3. Md Yakub September 14, 2017 at 1:32 pm - Reply

    The recent WannaCry ransomware attack illustrates the issues well. The malware attacked older versions of Microsoft desktop and server systems that had not been patched to prevent the particular method of attack the ransomware used or software that was no longer supported by Microsoft. The older software was very likely still in use either because it worked well for the businesses that used it and they saw no reason to upgrade or because these businesses did not think they needed to pay for an upgrade. Put this in the “Lessons Learned” column.

  4. Caleb Momanyi September 19, 2017 at 10:58 pm - Reply

    Cybercrime is a costly vice to individuals and organizations. With the increase of this crime on cloud computing and other platforms, the world at large should invest reliable systems that will help mitigate effects of an attack. Employees in organizations should receive the necessary skill training on cybercrime so that they will be prepared for any eventuality.

    Skill based education should also focus on security to prepare individuals who are learning on the precautionary measures taken against the vice.

    This also requires the use of genuine and up-to-date software and hardware. The advantage of this is an assurance of reduced possibilities of being a victim of cybercrime.

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