Cyber Crime Is The World’s Third Largest Economy

If it were measured as a country, then cybercrime, which inflicted damages totaling $8 trillion globally in 2023, would be the globe’s 3rd largest economy and organised crime hacking activities and cyber attacks will most likely continue to grow the future.  Indeed, cybercrime has grown to become the world’s third-largest economy after the US and China, according to the World Economic Forum (WEF).

In fact, in terms of earnings, cybercrime puts even Tesla, Facebook, Microsoft, Apple, Amazon, and Walmart to shame.  Based on data from Cybersecurity Ventures, it is projected to cost the world $10.5 trillion by 2025.

Ransomware-as-a-service and malware sold on the Dark Web are still what’s driving the growth of cybercrime, according to Security Research Evangelist Roya Gordon at Nozomi Networks speaking to Cyber News. Anyone with the know-how to access the Dark Webs can buy network credentials and ransomware online, which is one of the main drivers of this growth.

Threat actors do not need technical skills to launch sophisticated cyber or ransomware attacks, Gordon. “There are more players in the game because all of these tools are readily available, so you don’t really need to do anything...” 

Cybercriminals are also ready to exploit security gaps resulting from the rapid adoption of the Internet of Things (IoT), or systems of connected devices, across healthcare, education, and business sectors.

In addition to financially motivated criminals and nation-state actors that target critical infrastructure for material gain, Russia’s war in Ukraine has also seen the rise of politically motivated hacktivists, further contributing to the growing economy of cybercrime.

CyberNews:   Cyber Security Ventures:   I-HLS10Guards:   ZAWYA:     Analytics Insight:   KnowB4Essentire:

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