Cybersecurity defence costs will exceed $1 trillion over the next five years

Over $1 trillion is projected to be spent on combating the likes of data damage, productivity loss and intellectual property theft
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The cost of cybercrime defence will exceed $1 trillion cumulatively from 2017 to 2021.

This claim comes from a cybersecurity ventures report sponored by Herjavec Group. 

In the fight against cybercrime, over $1 trillion is projected to be spent on combating the likes of data damage and destruction, stolen money, loss of productivity, intellectual property theft, personal or financial data theft, fraud, embezzlement, business disruption after the attack, investigation, restoration and deletion of hacked data and systems.

The report also states that the global cost of cybercrime will exceed $6 trillion annually by 2021 – more than double the figure of 2015. In addition, it is claimed that by 2020, more than 25 per cent of indentified enterprise attacks will involve Internet of Things (IoT), as 85 per cent of security experts believe half of IoT products are insecure. 

Robert Steadman, vice president, Security and Compliance Consulting for Herjavec Group, said in a statement: "Due to the anonymous and impersonal nature of the attack surface, cybercriminals test your assets from outside and in, looking for the most profitable ways to exploit the holes in corporate cyber defences. 

"The lack of user awareness when combined with a significant uptick in criminal activity (and improved tactics) has given rise to a number of large scale private and public sector breaches that have resulted in a global epidemic of issues surrounding confidentiality, integrity and availability of data and services."

Herjavec Group Founder, CEO Robert Herjavec said: "There's no effective law enforcement for financial cybercrime today. Organisations need to increase their defences and become more resilient because there is no end state in sight for this growing cybercrime epidemic.

"So long as there is a way for cybercriminals to get paid, with limited risk, attacks will continue. The challenge remains that large enterprises aren't nearly as agile as their attackers."

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