Cybercrime: The Price Of Inequality

“Cybercrime costs are projected to reach $2 trillion by 2019 predicts Juniper Research, and $6 trillion by 2021 posits Cybersecurity Ventures. Cybercrime has already cost U.K. business over £1 billion in the past year according to the U.K.’s national fraud and cybercrime reporting center. And the 2016 Norton Cyber Security Insights Report states that global cybercrime hit $126 billion in 2015 and probably affected 689 million people in 2015, one of the lowest estimations of the global cybercrime cost.

Cybercrime is one of the biggest challenges that humanity will face in the next 20 years. Our economies are becoming more dependent on technology, and thus more vulnerable to emerging variations of cybercrime and e-fraud. A recent study by the World Economic Forum (WEF) indicates that, with the exception of the U.S., most countries have underplayed the risks of cyberattacks on their economic well-being.”

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Author: Ilia Kolochenko, High-Tech Bridge