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Cybercrime Damage Costs May Double Due to Coronavirus Outbreak, According to Cybersecurity Ventures

Cybercrime is the greatest threat to every company in the world, and one of the biggest problems with…

  • April 9, 2020

Cybercrime is the greatest threat to every company in the world, and one of the biggest problems with mankind.

The impact on society is reflected in the Official Cybercrime Report, which is published annually by Cybersecurity Ventures.

According to the report, cybercrime 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.

The Coronavirus (COVID-19) outbreak has led to a massive number of employees globally being sent home to work remotely.

Cybersecurity experts are urging remote workers to beef up their awareness and knowledge of phishing scams, the fastest growing type of cybercrime, many of which are now playing on fears of the Coronavirus.

Cybersecurity Ventures’ estimation that cybercrime damage costs could potentially double during the Coronavirus outbreak period is concerned with phishing scams, ransomware attacks, insecure remote access to corporate networks, remote workers exposing login credentials and confidential data to family members and visitors to the home, and other threats.

Cybersecurity Ventures is a researcher and publisher covering the global cyber economy.

Find out more at https://www.cybersecurityventures.com.