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Cybercrime Now the Third-Largest Economy in the World, Worth an Estimated $6 Trillion

Cybercrime Now the Third-Largest Economy in the World, Worth an Estimated $6 Trillion
Jan 10, 2023
Can you believe that cybercrime is the third-largest economy in the world? As technology evolves, cyber attack techniques are getting more sophisticated.
Oguz Dagli
Cybercrime Now the Third-Largest Economy in the World With $6 Trillion - FastVPN
Cybercrime has become a major global concern, with its estimated worth now surpassing that of the world's third-largest economy. According to data from Protiviti, a global consulting firm, cybercrime is now worth an estimated $6 trillion, making it the largest economy in the world after the US and China.
"Over the last few years, global cybercrime costs have been steadily increasing by 12-15 percent annually," said Niraj Mathur. With the onset of Web 3.0 and widespread adoption of digital transformation, usage of internet-based services is expected to grow exponentially, as it brings various benefits such as optimization or reduced costs, Mathur added.
However, as organizations continue to adopt digital transformation, they must also be aware of the potential risks and take steps to protect themselves. This means carefully planning transition strategies that take security and privacy into consideration and thoroughly evaluating vendors for hosting internet-based services to ensure that an appropriate level of security is designed. This includes considering all aspects of identification, detection, prevention, response, and recovery from security incidents.
The pandemic has also played a significant role in the increase of cybercrime, as many organizations were not optimally prepared for the shift to remote working. This led to a significant increase in the number of attacks, according to Protiviti data. "In today's hyperconnected world, it's true that cybersecurity is as much a threat to individuals as it poses to organizations. Social engineering is at an all-time high and a very proven technique to gain sensitive information or siphon your hard-earned money," Mathur said.
To protect against cybercrime,  cyber security experts recommend a risk-led approach, which includes thinking about the potential impact before providing sensitive data or clicking on suspicious links. They also recommend using federated identity, where possible, to increase security for individuals. This can be done by using tools provided by tech giants such as Google or Apple, which allow users to sign into other websites using multi-factor authentication. Additionally, it is important to limit data sharing and secure smart devices, as they are often set to basic security configurations which can be easily exploited by attackers. -Using a VPN to secure your devices is the most practical and price/performance way.- Finally, spreading the culture of cyber security and raising awareness among individuals and organizations can help to improve overall security and protect against cyber threats.
As technology continues to evolve and advance, so do the methods and techniques used by cybercriminals. This is why it is crucial for organizations to stay vigilant and take proactive measures to protect against cybercrime. By taking a risk-led approach, using federated identity, limiting data sharing, securing smart devices, and spreading the culture of cyber security, organizations can better protect themselves and their sensitive information from cyber-attacks.
It is important for both the public and private sectors to be aware of these developments and take necessary precautions to protect against potential cyber threats. As cybercrime continues to grow and evolve, it is crucial for organizations to stay informed and take steps to protect themselves and their sensitive information.
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