Cybercrimes To Cost The World $10.5 Trillion Annually By 2025

Cybersecurity Ventures predicts global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015. 

This represents the greatest transfer of economic wealth in history. The risk for 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.

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 cyber attack surface which will be an order of magnitude greater in 2025 than it is today.

To help curb this, the United States Director of National Cyber, Chris Inglis And Principal Deputy National Cyber Director, Kemba Walden have implored Journalists across the world to help promote cyber security and also help educate the masses on the need to become more aware and careful of cyber related issues.

According to them, cyber security is shared responsibility and asuch Journalists play a very important role in helping to address the issue.

Speaking to some selected Journalists across the world in virtual training organized by the U.S foreign press centre, they intimated that cyber security is a responsibility for everyone in this ecosystem. 

"There’s a very strong analogy to be had in cyberspace. We care about cyber, or perhaps the more technical term, digital infrastructure – the internet – we care about that not for its own sake; we care about it because it delivers functions that we care about as individuals, as businesses, as societies. I may want to conduct my activities using the benefit of cyberspace to plan, to coordinate, synchronize those".  

They added that many businesses plan and deliver their business outcomes across the internet, and societies increasingly deliver critical functions using the internet, what you might call digital infrastructure, what we sometimes call cyber.  

So cyber is important not for its own sake, but because of what it does for us.  If we’re to put cyber in its proper place, we need to subordinate cyber to those functions, not elevate it into some lofty position for its own sake.  

But how do we protect the cyber space from fraudulent activities and fraudulent people? Journalists can be on the vanguard, the leading edge of this, which is most of what’s missing in cybersecurity or cyberspace today.

A media education for a full exposition of what cyber is, why it matters, and who needs to participate in the creation of resilience and  robustness and the defense of what results can be, should be, I think, a principal issue for the press, journalists to assist in, they added.

Additionally, journalists can have a role to play in explaining the North Star, which is they need to ensure that everyone is able to thrive and prosper in our increasingly interconnected world through cyber education.

About Cybersecurity.

Cybersecurity is the state or process of protecting and recovering computer systems, networks, devices, and programs from any type of cyber attack. Cyber attacks are an increasingly sophisticated and evolving danger to your sensitive data, as attackers employ new methods powered by social engineering and artificial intelligence (AI) to circumvent traditional data security controls.

The fact of the matter is the world is increasingly reliant on technology and this reliance will continue as we introduce the next generation of new technology that will have access to our connected devices via Bluetooth and Wi-Fi.

Cybersecurity has become important in our modern world and space just to  protect networks, devices and data from damage, loss or unauthorized access. 

Just as physical security protects buildings and the people in them from various physical threats, cybersecurity safeguards digital technologies and their users from digital dangers.