Cyber Crime Predicted To Reach $2 Trillion By 2019

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During the last ten years, our lives have changed. The increased usage of the Internet made blurred some lines between the virtual and the real world making some processes faster.

Ordinary people are enjoying this change, as life is becoming much easier for them.

Large companies and enterprises experience some negative sides of such changes, though. They are preparing for a huge increase in cyber crime.

General Crime Numbers

Ginni Rometty, the Chairman of IBM Corp, mentioned in his recent interview that cyber crime wave, as they named it couple of years ago, has already turned into an epidemic.

It cost U.S. companies $100 billion in 2013, while some reports were already mentioning ten times higher numbers. This amount quadrupled over three years. In 2015, Lloyd’s, the British insurance company, estimated that cyber attacks cost companies and businesses about $400 billion a year, which is a moderate amount.

Related Article: More Info, More Problems: Privacy and Security Issues in the Age of Big Data

What goes into this huge number? Both direct damage to business and money spent for dealing with attack afterward. So, this digitalization we mentioned above can potentially cost the enterprises a dime or two.

The Juniper Networks cooperates with the larger world companies. This cooperation contributes to the cyber security researches the company runs. General tendencies together with the researches give us a chance to peek into the future of cyber crime. And we can see another quadrupling in cyber crime cost for the next three years. In total, it is about $2.1 trillion by the year 2019.  Read more

Adapted from business.com

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