The FBI is particularly concerned with ransomware hitting healthcare providers, hospitals, 911 and first responders. We predict there will be a ransomware attack on businesses every 11 seconds by 2021, up from every 40 seconds in 2016. The latest forecast is for global ransomware damage costs to reach $20 billion by 2021 - which is 57X more than it was in 2015. The damages for 2018 were estimated at $8 billion, and for 2019 the figure rose to $11.5 billion. Ransomware - a malware that infects computers (and mobile devices) and restricts their access to files, often threatening permanent data destruction unless a ransom is paid - has reached epidemic proportions globally and is the “ go-to method of attack” for cybercriminals.Ī 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 - a 15X increase in just two years. Organized cybercrime entities are joining forces, and their likelihood of detection and prosecution is estimated to be as low as 0.05 percent in the U.S., according to the World Economic Forum’s 2020 Global Risk Report. is shockingly unprepared.īillionaire businessman and philanthropist Warren Buffet calls cybercrime the number one problem with mankind, and cyberattacks a bigger threat to humanity than nuclear weapons.Ī bullseye is squarely on our nation’s businesses. In his 2016 New York Times bestseller - Lights Out: A Cyberattack, A Nation Unprepared, Surviving the Aftermath - Ted Koppel reveals that a major cyberattack on America’s power grid is not only possible but likely, that it would be devastating, and that the U.S. soil.Ī cyberattack could potentially disable the economy of a city, state or our entire country. The dark web is also where cybercriminals buy and sell malware, exploit kits, and cyberattack services, which they use to strike victims - including businesses, governments, utilities, and essential service providers on U.S. Some estimates put the size of the deep web (which is not indexed or accessible by search engines) at as much as 5,000 times larger than the surface web, and growing at a rate that defies quantification. so hard that in 2018 a supervisory special agent with the FBI who investigates cyber intrusions told The Wall Street Journal that every American citizen should expect that all of their data (personally identifiable information) has been stolen and is on the dark web - a part of the deep web - which is intentionally hidden and used to conceal and promote heinous activities. The United States, the world’s largest economy with a nominal GDP of nearly $21.5 trillion, constitutes one-fourth of the world economy, according to data from Nasdaq.Ĭybercrime has hit the U.S. The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today.Ĭybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined. and China.Ĭybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. If it were measured as a country, then cybercrime - which is predicted to inflict damages totaling $6 trillion USD globally in 2021 - would be the world’s third-largest economy after the U.S. Special Report: Cyberwarfare In The C-Suite.
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