In our technological and globalised world, the cyber landscape is fast-growing and ever-changing. Covid-19 has accelerated the sector of cybersecurity globally, as well as the rapid emergence of cyber criminals.
In the entire year of 2021, it was estimated that every day, $16.4 billion was lost per day to cybercrimes. This means every single minute that passes, $11 million was lost. This could be done through malware, ransomware, phishing, DDoS and more.
- Cybercrime is expected to increase globally by 15% per year, reaching $10.5 trillion USD by 2025. This can be seen as the greatest transfer of economic wealth in history, risking the incentives stemming from data-driven innovation and investment.
- Digital ad fraud is rising sharply. The ad industry loses approximately $51 million per day due to ad fraud and by 2023 that number will skyrocket to $100 billion annually.
- Cybercrimes are vastly undercounted because they aren’t reported — due to embarrassment, fear of reputational harm, and the notion that law enforcement can’t help (amongst other reasons). Some estimates suggest as few as 10 percent of the total number of cybercrimes committed each year are actually reported.
- Organized cybercrime entities are joining forces, and their likelihood of detection and prosecution is estimated to be as low as 05 percent in the U.S., according to the World Economic Forum’s 2020 Global Risk Report.
1. Above infographic source: Singapore Cyber Landscape 2019, published by the Cyber Security Agency of Singapore, June 2020, retrieved 9 February, 2021
2. Cost of a Data Breach Report 2020, published by IBM and the Ponemon Institute, July 2020, retrieved 9 February, 2021