Due To Cyber Attacks In 2019, Global Business Lost $ 6 Trillion (that's 12 Zeros)

✨ Megiddo

✨ President ✨
Staff member
May 15, 2016
The annual losses of companies from cyber attacks on a global scale by 2021 will exceed $ 6 trillion, predicts senior analyst at Wikibon research agency Dave Wellante, reports DailyComm. According to him, these losses, in particular, include expenses for the restoration of computer systems that were affected by hacking, as well as losses from a decrease in labor productivity.

The expert says that hacker activity increases as the number of devices that are used in companies and which need protection is increasing. While businesses are increasingly storing huge amounts of data in several public and private clouds, the number of smartphones and connected peripherals in use continues to grow, creating new opportunities for cyber attacks.

“Once upon a time, everything was simple. There was a castle with a queen living there who needed to be protected. Then they just dug a ditch around the perimeter, ”says Wellante. “But now everything has changed, since the queen has long left the castle, and the companies do not keep pace with her.” She ascended to the sky with clouds. She went to the edge of the kingdom, she uses cars and communicates with ordinary people. She remained completely unprotected. "

Now information security has become more fragmented than ever: hundreds of products and a huge number of startups have appeared, which are becoming more and more. The average Fortune 500 company uses up to 72 IB products to protect its data and IT systems. But not all of these solutions cope with their functions.

One of the likely reasons for the rise in cybercrime, Dave Vellante, believes that cloud service providers, including Amazon Web Services, use the so-called “shared responsibility security model” that not all customers understand. In the case of AWS, this model ensures the security of its S3 and EC2 infrastructure, while the client assumes responsibility for applying policies and configuring systems to prevent unauthorized access through devices.

People think that if their data is in a popular cloud, then they are better protected than if companies independently provided security. But this is not always the case, the analyst warns.

IDC analysts expect global sales of equipment, software and services that are designed for cyber defense to reach $ 106.6 billion in 2019, an increase of 10.7% from 2018. In the next five years, the market volume will increase by 9.4% annually and amount to $ 151.2 billion in 2023.
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