Top 5 Scariest Predictions About Cybercrime

Pat McKay

Pat McKay

10/25/2017

Ready to get a little spooked? These facts, figures and statistics will help you understand where the cybersecurity industry stands today and what we can foresee happening in the future.   

 

1. Cybercrime damages are expected to reach $6 trillion annually by 2021.

The cybersecurity community and major media have widely agreed on the prediction that cybercrime damages will end up costing the world $6 trillion annually by 2021, up from $3 trillion just a year ago. This represents the greatest shift of economic wealth in history and puts incentives for innovation and investment in jeopardy. As long as this prediction holds true, cybercrime will be more profitable than the global trade of all major illegal drugs combined.

 

2. Cybersecurity spending is expected to exceed $1 trillion from 2017 to 2021.  

The growing rate of cybercrime has skyrocketed information security (a subset of cybersecurity) spending to more than $86.4 billion in 2017, according to Gartner. However, this doesn’t even take into account other categories, such as the Internet of Things (IoT), Industrial IoT, Industrial Control Systems (ICS) security, and automotive security. Global spending on cybersecurity services and products is predicted to surpass $1 trillion over the next five years, from 2017 to 2021.  

 

3. Cybercrime will more than triple the number of unfilled cybersecurity jobs, which is predicted to hit 3.5 million by 2021.

At this point, it’s safe to say that every IT position is now also a cybersecurity position. Every IT specialist and every technology worker out there must be involved in protecting and defending data, apps, devices, infrastructure and people against cybercrime. In fact, the cybersecurity workforce shortage is even more extreme than the numbers suggest. As a result, the cybersecurity unemployment rate is essentially nonexistent, having fallen all the way down to zero percent.

 

4. The human attack surface is predicted to reach 6 billion people by 2022.

As the world becomes increasingly digitalized, humans have surpassed machines as the number one target for cybercriminals. There are 3.8 billion people on the internet in 2017 (51 percent of the world’s total population of 7 billion), up from 2 billion in 2015. Cybersecurity Ventures expects there will be 6 billion internet users by 2022 (75 percent of the world’s projected population of 8 billion)–and over 7.5 billion internet users by 2030 (90 percent of the world’s projected population of 8.5 million, 6 years of age and older). With the number of internet users expected to go through the roof, hackers will be able to attack a significantly larger pool of people.

 

5. Global ransomware damage costs are set to exceed $5 billion in 2017.

That’s a 15X increase in just two years from the $325 million ransomware damage costs in 2015–and it’s expected to only get worse. Ransomware attacks on healthcare organizations–the number-one targeted industry–will quadruple by 2020. Cybersecurity Ventures anticipates that a company will suffer a ransomware attack every 14 seconds by 2019.   

What does all this boil down to? Well, in 2015, Ginni Rometty, President & CEO of IBM said, “Cybercrime is the greatest threat to every company in the world.”

This statement couldn’t be any more accurate today. As the years go by, cybercrime just might become the most serious threat to every person, place and thing in the world.

Billionaire businessman Warren Buffett takes this prediction even further, saying that cyberattacks should be considered the number one problem that mankind currently faces–even worse than the threat of nuclear weapons.

Protect your business against cybercrime with IT services from 1SEO Tech! Ask us how we can improve the security of your wireless network design via IT support for your business.   

Sources:

Business Insider, 2017

Cyber Security Ventures 2017

Cisco 2017 Midyear Cybersecurity Report

Digital in 2017 Report via We Are Social and Hootsuite

Gartner Inc., 2017

 

 

 

 

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