Cybercrime To Cost The World $10.5 Trillion Annually By 2025
INTRUSION (NASDAQ: INTZ) highlights a report by Cybersecurity Ventures predicting that global cybercrime costs will surge to $10.5 trillion annually by 2025, a 15% increase per year since 2015.
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Rhea-AI Summary
INTRUSION (NASDAQ: INTZ) highlights a report by Cybersecurity Ventures predicting that global cybercrime costs will surge to $10.5 trillion annually by 2025, a 15% increase per year since 2015. This alarming trend marks the largest transfer of economic wealth in history and poses significant risks to innovation and investment. The report emphasizes that all U.S. organizations are targets of cyber threats, with detection rates as low as 0.05%. INTRUSION continues to innovate in cybersecurity solutions to combat this escalating threat.
Positive
- Partnership with Cybersecurity Ventures to provide guidance on cybersecurity to organizations.
- Focus on developing innovative cybersecurity solutions as a response to increasing cyber threats.
Negative
- Prediction of escalating cybercrime costs may raise concerns about market demand for cybersecurity solutions, potentially impacting revenue growth.
Details
News Market Reaction – INTZ
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Every U.S. business is under cyberattack
PLANO, Texas, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Cybersecurity Ventures predicts global cybercrime costs will grow by 15 percent per year over the next five years, reaching
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.
"Cybercrime 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," says Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief at Cybercrime Magazine.
"Cybercriminals know they can hold businesses — and our economy — hostage through breaches, ransomware, denial of service attacks and more. This is cyberwarfare, and we need to shift our mindset around cybersecurity in order to protect against it," says Jack B. Blount, President and CEO at INTRUSION, Inc.
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.
"Every American organization — in the public and private sector — has been or will be hacked, is infected with malware, and is a target of hostile nation-state cyber intruders," adds Blount, who is also the former CIO at the United States Department of Agriculture (USDA).
Blount's assertion is backed up by some of the nation's top cyberwarfare and cybersecurity experts, and Fortune 500 chief information security officers, in a roundtable discussion which recently aired on the Cybercrime Radio podcast channel.
Cybersecurity Ventures and INTRUSION, Inc. have partnered on a series of initiatives aimed at providing thought leadership and guidance to CISOs and cybersecurity teams in the U.S. and globally.
About
Cybersecurity Ventures is the world's leading researcher and publisher covering the global cyber economy, and a trusted source for cybersecurity facts, figures, predictions, and statistics.
INTRUSION, Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products.
Related Links
https://cybersecurityventures.com
https:/intrusion.com
Cautionary Statement Regarding Forward Looking Information
This release may contain certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward- looking statements involve a number of risks and uncertainties. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”
| Company & Media Contact Julia Kramer jkramer@intrusion.com P: 972-301-3635 |
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