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Aug
23

Report: Cyber crimes will cause $6 trillion worth of damage by 2021

Editor’s Note: And yet the FCC seems intent on making life easier for the world’s cyber criminals.

From: FedScoop

By Chris Bing

By 2021, cyber crime is expected to cause roughly $6 trillion worth of annual damages, annually, according to a newly published report authored by Cybersecurity Ventures and backed by security consulting giant The Herjavec Group.

If the $6 trillion figure ultimately proves accurate, it would represent double of that reportedly witnessed this year — totaling $3 trillion in estimated damages experienced by governments, businesses and private citizens at the hands of cyber criminals. The World Economic Forum also estimated the economic cost of cybercrime to be approximately $3 trillion worldwide.

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