Cybercrime can lead to US$ 3000 billion loss by 2020

Cybercrime can lead to US$ 3000 billion loss by 2020

Cybercrime could lead to 3,000 billion by 2020, if companies and governments do not put in place measures in a short time, according to a report by the World Economic Forum.
Threats posed by cybercrime could also significantly slow down technological advances over the next decade, says the authors of this study, conducted in partnership with the U.S. McKinsey consulting firm.
Concerns about safety have slowed the transition to paperless computing solutions, such as cloud computing, with 78 % of the respondents admitting that they have delayed for at least one year the adoption of this technology.
Facing these risks, governments, companies and users must thus ensure to create a “cyber -resistant ecosystem” explain the authors of this study.
“While the risk of cyberattacks become more frequent, the cost of attacks – for companies, public institutions, the global economy and society at large – is also growing,” they say.
To assess the economic cost of cyberattacks, the authors of this study, “Risk and responsibility in a hyper-connected world,” studied three scenarios:

  • The first assumes that cybercriminals have an edge, and the responses of businesses and governments are spread out. In this confusing climate, companies are reluctant about their investments, reducing nearly by US$ 1020 billion potential associated with the adoption of new technologies by 2020.
  • The second is based on the hypothesis of an increase in frequency and severity of attacks. The responses of governments become more interventionist while consumers are more vigilant in relation to mobile technologies. The digital age falls, limiting US$ 3060 billion potential linked to new technologies.
  • The third scenario is based on the idea of ​​anticipation from the public and private sectors working together to approach limit the proliferation of attacks. Innovation is then stimulated, new technologies create economic value from 9600 to 21,600 billion over the next ten years.

The study was conducted using interviews with 250 owners and managers of technology and security from various sectors, within the framework of an initiative launched by the World Economic Forum in 2012.
This study establishes a roadmap detailing initiatives to combat cybercrime, such as the exchange of information on attacks, expanding the insurance market for cyber security and the creation of “cyber doctrine”.
Technology will be a major theme at the 44th World Economic Forum held in Davos, Switzerland from January 22th to 25th.

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