Global Cost of Cyber Crime to Hit $6 Trillion in 2016

The global cost of cyber crime, according to a recent study by Cybersecurity Ventures and the Ponemon Institute, could reach $6 trillion before the end of 2016. While $6 trillion may seem a little high, more than a trillion isn’t unlikely either.

A report out by Cybersecurity Ventures predicts global annual cybercrime costs will grow to $6 trillion by 2021.

While a $6 trillion estimate might be a little high, “a trillion dollars plus is a real possibility,” says Larry Ponemon, chairman and founder of the Ponemon Institute. Though this isn’t a number he saw coming down the pipeline. “If you asked me five or six years ago, I’d fall over,” he says.

The predicted cybercrime cost takes into account all damages associated with cybercrime including: damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack

To read the full analysis and download the report, click here.

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