Page 41 - Cyber Defense eMagazine - December 2017

CYBERSECURITY IN 2018 – FIGHTING AN EVOLVING

THREAT

INSIGHTS

Cybersecurity: Fighting a Threat That Causes $450B of Damage Each Year

With recent high profile hacks of companies such as Uber, Equifax, and HBO, it’s safe

to say that cybersecurity is already top of mind for many of the world’s biggest
companies.

However, as billions of more devices get connected to the internet every year –
including many that are not properly secured – this cybercrime threat is evolving quickly,

and the stakes are rising as well. Experts estimate that cybercrime caused $450 billion
of damage to the economy in 2016, and that number is expected to increase to $6

trillion by 2021.

Today’s infographic, which comes to us from Evolve ETFs, covers the growing threat of

cybercrime along with the associated boom in global cybersecurity spending.

SITUATION: CODE RED

The potential impact of a large-scale cyber attack is bigger than ever, and today
cybersecurity is a number one concern for businesses, governments, and individuals.

Since 2013, over nine billion records have been lost or stolen globally, and nearly two
billion of those were breached in the first half of 2017 alone.

With 80% of the value of Fortune 500 firms stemming from intellectual property (IP) and
other intangibles, this means that the digitization of assets comes with massive risks.

According to a joint report by Lloyd’s and Cyence, a single large-scale attack could

41 Cyber Defense eMagazine – December 2017 Edition
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