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Cybercrime Damage Expected to Hit $6 Trillion Mark Annually by 2021

September 23, 2019 / Abhishek Upadhyay

Poor cybersecurity measures and unprotected data make organizations vulnerable to data loss and cyber threats. Cyber threats are becoming increasingly popular nowadays. Reports have shown that data breaches, phishing, ransomware attacks, cryptojacking, cyber squatting, and threats to connected devices are on the rise. With no relief in sight, this trend will continue to grow substantially over the next few years. No wonder, cybercrime damage is believed to be worth $6 trillion annually, or around 10% of the global economy by the year 2021. Also, due to the amount of consumer and corporate data stored across the US, the country will account for more than half of the data breaches occurring globally by 2023.