Cyberattacks are the fastest growing crime and predicted to cost the world $6 trillion annually by 2021

NORTHPORT, N.Y., Dec. 13, 2018 /PRNewswire/ -- Cybercrime is the greatest threat to every company in the world, and one of the biggest problems with mankind. The impact on society is reflected in the Official 2019 Annual Cybercrime Report, announced today by Cybersecurity Ventures.

According to the report, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.

"Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm," says Steve Morgan, founder and Editor-In-Chief at Cybersecurity Ventures.

Cyberattacks are the fastest growing crime in the U.S., and they are increasing in size, sophistication and cost.

"This dramatic rise (in damage costs) only reinforces the sharp increase in the number of organizations unprepared for a cyber attack," says Robert Herjavec, Founder and CEO of global Managed Security Services Provider Herjavec Group and leading investor on ABC's Shark Tank.

Cybercrime is creating unprecedented damage to both private and public enterprises, and driving up information and cybersecurity budgets at small businesses, mid-sized to F500 and G2000 corporations, governments, educational institutions, and organizations of all types globally.

Cybersecurity Ventures predicts global spending on cybersecurity products and services will exceed $1 trillion cumulatively for the five year period from 2017 to 2021. the next five years. Taken as a whole, they anticipate 12-15 percent year-over-year cybersecurity market growth through 2021.

Cybercrime is expected to triple the number of job openings to 3.5 million unfilled cybersecurity positions by 2021 -- which is up from 1 million in 2014 -- and the cybersecurity unemployment rate will remain at zero-percent.

The Official 2019 Annual Cybercrime Report is sponsored by Herjavec Group, a leading global cybersecurity firm with offices and Security Operations Centers across the United States, United Kingdom and Canada.

About

Cybersecurity Ventures is the world's leading researcher and publisher covering the global cyber economy, and a trusted source for cybersecurity facts, figures, and statistics.

SOURCE Cybersecurity Ventures

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https://www.cybersecurityventures.com

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