Global cybercrime damage: A cause for alarm

THE projected cost of cybercrime is predicted to grow from $3 trillion in 2015 to $10.5 trillion in 2025, according to Cybersecurity Ventures. Its Cybercrime Report enumerates "damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm" as cybercrime costs.

While cyberspace offers expansive opportunities for various sectors, it also comes with critical vulnerabilities. An organization's information network and technology are constantly at risk from a variety of bad cyber actors. Some of these malicious entities are profit-driven, particularly in the areas of identity theft and other types of financial cybercrime. Europol reports that online investment fraud is on the rise, as identified by law enforcement agencies and financial services, causing substantial financial losses and impacting numerous victims across Europe.