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:

You Might Also Read: 

Coming Your Way - The Top Cyber Crimes In 2023:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible


 

« Google Shuts Down Misinformation
Linux Malware Rates Reach Record Highs »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

Concise Technologies

Concise Technologies

Concise Technologies provide specialist IT and telecoms solutions, support services, managed backup, disaster recovery, cyber security and consultancy to SME businesses across the UK and Europe.

Copenhagen FinTech

Copenhagen FinTech

Copenhagen FinTech is a centre for R&D and innovation in the Danish finance IT sector. Focus areas include cyber security and payments platforms.

Carson & SAINT

Carson & SAINT

Carson & SAINT is an award-winning consulting firm with deep experience in cybersecurity technology, software, and management consulting.

Nexus Group

Nexus Group

Nexus Group develops identity solutions for physical and digital access.

AVL Mobile Security

AVL Mobile Security

AVL Mobile Security is a market-leading mobile security company for anti-virus and threat intelligence in the mobile Internet.

Veritas Technologies

Veritas Technologies

Veritas provide industry-leading solutions that cover all platforms with backup and recovery, business continuity, software-defined storage and information governance.

Sabat Group

Sabat Group

Sabat Group provide relationship-driven information security & cyber security recruiting services.

Wizard Cyber

Wizard Cyber

At Wizard Cyber, we simplify cyber security, delivering an advanced service that protects your high-risk assets from the complex threats that technology alone can miss, 24/7.

TrustGrid

TrustGrid

Trustgrid is a pioneer and leader in secure, cloud-native software-defined connectivity.

Kontron

Kontron

Kontron offers a combined portfolio of secure hardware, middleware and services for Internet of Things (IoT) and Industry 4.0 applications.

Datenschutz Schmidt

Datenschutz Schmidt

Datenschutz Schmidt is a service provider with many years of experience, we support you in complying with numerous data protection guidelines, requirements and laws.

Bowhead Cybersecurity Solutions and Services (BCSS)

Bowhead Cybersecurity Solutions and Services (BCSS)

Bowhead Cybersecurity Solutions and Services provides high-end technical and professional services with an emphasis on providing Cyber Solutions.

KSOC Labs

KSOC Labs

KSOC is an event-driven SaaS platform built to automatically remediate Kubernetes security risks.

Primary Guard

Primary Guard

Primary Guard provides IT solutions and computing technologies that help minimize impact from cyber threats, improve business efficiency and maintain essential functions during or after a disaster.

Battery Ventures

Battery Ventures

Battery partners with talented founders and teams building category-defining businesses at all stages of growth.

Synoptek

Synoptek

Synoptek is a global systems integrator and managed IT services provider (MSP). We offer comprehensive IT management and consultancy services to organizations worldwide.