(reprinted from CSOonline.com)
These top level numbers summarize the cybersecurity industry over the past year and indicate what’s in store for the next five years.
1. Cyber crime damage costs to hit $6 trillion annually by 2021. It all begins and ends with cyber crime. Without it, there’s nothing to cyber-defend. The cybersecurity community and major media have largely concurred on the prediction that cyber crime damages will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.
2. Cybersecurity spending to exceed $1 trillion from 2017 to 2021. The rising tide of cyber crime has pushed information security (a subset of cybersecurity) spending to more than $86.4 billion in 2017, according to Gartner. That doesn’t include an accounting of internet of things (IoT), industrial IoT, and industrial control systems (ICS) security, automotive security, and other cybersecurity categories. Global spending on cybersecurity products and services are predicted to exceed $1 trillion over five years, from 2017 to 2021.
Discover the remaining trends here.