Global, Annual Cybercrime Costs Will Top $6 Trillion by 2021

Cybercrime costs to double by 2021

A recent report on the state of cybersecurity predicted that global cybercrime costs will top $6 trillion annually by 2021.

Cybersecurity research and market intelligence firm Cybersecurity Ventures’ [link url=”http://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/” title=”2016 Cybercrime Report”] forecasted massive increases in cybercrime costs over the next five years.

Damages from cybercrime will top $6 trillion globally by 2021, doubling the $3 trillion price tag in 2015. That’s a predicted growth of more than 100 percent in about half a decade.

Data breaches and other forms of cyber theft will prove to be increasingly expensive, Cybersecurity Ventures pointed out. Types of cybercrime involved in the analysis included data theft, stolen money, lost productivity, theft of intellectual property, embezzlement, fraud, hacked systems, reputational harm, business disruption, and more.

The global costs of #cybercrime: #Cybersecurity Ventures predicts that they will go up to $6 trillion annually by 2021 ^cn @CybersecuritySF pic.twitter.com/yRrIjUUZuS

— DeutscheTelekomGroup (@Telekom_group) November 25, 2016

Cybersecurity spend will increase, too

Along with the rise in cybercrime costs will be the obvious, associated [link url=”https://amuedge.com/cybersecurity-spend-surpass-1-trillion-2017-2021/” title=”rise in cybersecurity spend”].

“The U.S. government has increased its annual cybersecurity budget by 35%, going from $14 billion budgeted in 2016 to $19 billion in 2017. This is a sign of the times and there’s no end in sight. Incremental increases in cybersecurity spending are not enough. We expect businesses of all sizes and types, and governments globally, to double down on cyber protection.” — [link url=”http://cybersecurityventures.com/cybersecurity-market-report/” title=”Steve Morgan”], founder and Editor-In-Chief at Cybersecurity Ventures

Cybersecurity Ventures predicts a cumulative $1 trillion price tag for cybersecurity spending in the five years from 2017 to 2021. The cyber research firm anticipates 12-15 percent year-over-year growth on global cybersecurity spending through 2021.

[relink url=”https://amuedge.com/annual-cybercrime-costs-businesses-reach-trillions/” url2=”https://amuedge.com/kaspersky-says-ddos-attacks-often-smokescreen/”]