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Visualizing the Massive Cost of Cybercrime

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Visualizing the Massive Cost of Cybercrime

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What do Equifax, Yahoo, and the U.S. military have in common? They’ve all fallen victim to a cyberattack at some point in the last decade—and they’re just the tip of the iceberg.

Today’s infographic from Raconteur delves into the average damage caused by cyberattacks at the organizational level, sorted by type of attack, industry, and country.

Rising Cybercrime Costs Across the Board

The infographic focuses on data from the latest Accenture “Cost of Cybercrime” study, which details how cyber threats are evolving in a fast-paced digital landscape.

Overall, the average annual cost to organizations has been ballooning for all types of cyberattacks. For example, a single malware attack in 2018 costed more than $2.6 million, while ransomware costs rose the most between 2017–2018, from $533,000 to $646,000 (a 21% increase).

Both information loss and business disruption occurring from attacks have been found to be the major cost drivers, regardless of the type of attack:

  • Malware
    Major consequence: Information Loss
    Average cost: $1.4M (54% of total losses)
  • Web-based attacks
    Major consequence: Information Loss
    Average cost: $1.4M (61% of total losses)
  • Denial-of-Service (DOS)
    Major consequence: Business Disruption
    Average cost: $1.1M (65% of total losses)
  • Malicious insiders
    Major consequences: Business Disruption and Information Loss
    Average cost: $1.2M ($0.6M each, 75% of total losses)

In 2018, information loss and business disruption combined for over 75% of total business losses from cybercrime.

Cybercrime Casts a Wide Net

No industry is untouched by the growing cost of cybercrime—the report notes that organizations have seen security breaches grow by 67% in the past five years alone. Banking is the most affected, with annual costs crossing $18 million in 2018. This probably comes as no surprise, considering that financial motives are consistently a major incentive for hackers.

Here is the average cost of cyberattacks (per organization) across 15 different industries:

Industry2017 Cost2018 Cost% Change
Banking$16.6M$18.4M+11%
Utilities$15.1M$17.8M+18%
Software$14.5M$16M+11%
Automotive$10.7M$15.8M+47%
Insurance$12.9M$15.8M+22%
High tech$12.9M$14.7M+14%
Capital markets$10.6M$13.9M+32%
Energy$13.2M$13.8M+4%
U.S. Federal$10.4M$13.7M+32%
Consumer goods$8.1M$11.9M+47%
Health$12.9M$11.8M-8%
Retail$9M$11.4M+26%
Life sciences$5.9M$10.9M+86%
Media$7.6M$9.2M+22%
Travel$4.6M$8.2M+77%
Public sector$6.6M$7.9M+20%

Interestingly, the impact on life sciences companies rose the most in a year (up by 86% to $10.9 million per organization), followed by the travel industry (up 77% to $8.2 million per organization). This is likely due to an increase in sensitive and valuable data being shared online, such as clinical trial details or credit card information.

So What Can Companies Do?

Accenture analyzed nine cutting-edge technologies that are helping mitigate cybercrime, and calculated their net savings: the total potential savings minus the required investment in each type of technology or tool.

With almost $2.3 million in net savings, many companies recognize the high payoff that comes with security intelligence. On the other hand, leveraging automation, artificial intelligence, and machine learning can potentially save over $2 million—however, only 38% of businesses have adopted this solution so far.

Cybercrime will remain a large-scale concern for years to come. From 2019–2023E, approximately $5.2 trillion in global value will be at risk from cyberattacks, creating an ongoing challenge for corporations and investors alike.

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Technology

AIoT: When Artificial Intelligence Meets the Internet of Things

AI is emerging as a driving technology behind the internet of things (IoT). Learn about the new AIoT, and how it will impact the future.

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AIoT: When AI Meets the Internet of Things

The Internet of Things (IoT) is a technology helping us to reimagine daily life, but artificial intelligence (AI) is the real driving force behind the IoT’s full potential.

From its most basic applications of tracking our fitness levels, to its wide-reaching potential across industries and urban planning, the growing partnership between AI and the IoT means that a smarter future could occur sooner than we think.

This infographic by TSMC highlights the breakthrough technologies and trends making that shift possible, and how we’re continuing to push the boundaries.

AI + IoT = Superpowers of Innovation

IoT devices use the internet to communicate, collect, and exchange information about our online activities. Every day, they generate 1 billion GB of data.

By 2025, there’s projected to be 42 billion IoT-connected devices globally. It’s only natural that as these device numbers grow, the swaths of data will too. That’s where AI steps in—lending its learning capabilities to the connectivity of the IoT.

The IoT is empowered by three key emerging technologies:

  • Artificial Intelligence (AI)
    Programmable functions and systems that enable devices to learn, reason, and process information like humans.
  • 5G Networks
    Fifth generation mobile networks with high-speed, near-zero lag for real time data processing.
  • Big Data
    Enormous volumes of data processed from numerous internet-connected sources.

Together, these interconnected devices are transforming the way we interact with our devices at home and at work, creating the AIoT (“Artificial Intelligence of Things”) in the process.

The Major AIoT Segments

So where are AI and the IoT headed together?

There are four major segments in which the AIoT is making an impact: wearables, smart home, smart city, and smart industry:

1. Wearables

Wearable devices such as smartwatches continuously monitor and track user preferences and habits. Not only has this led to impactful applications in the healthtech sector, it also works well for sports and fitness. According to leading tech research firm Gartner, the global wearable device market is estimated to see more than $87 billion in revenue by 2023.

2. Smart Home

Houses that respond to your every request are no longer restricted to science fiction. Smart homes are able to leverage appliances, lighting, electronic devices and more, learning a homeowner’s habits and developing automated “support.”

This seamless access also brings about additional perks of improved energy efficiency. As a result, the smart home market could see a compound annual growth rate (CAGR) of 25% between 2020-2025, to reach $246 billion.

3. Smart City

As more and more people flock from rural to urban areas, cities are evolving into safer, more convenient places to live. Smart city innovations are keeping pace, with investments going towards improving public safety, transport, and energy efficiency.

The practical applications of AI in traffic control are already becoming clear. In New Delhi, home to some of the world’s most traffic-congested roads, an Intelligent Transport Management System (ITMS) is in use to make ‘real time dynamic decisions on traffic flows’.

4. Smart Industry

Last but not least, industries from manufacturing to mining rely on digital transformation to become more efficient and reduce human error.

From real-time data analytics to supply-chain sensors, smart devices help prevent costly errors in industry. In fact, Gartner also estimates that over 80% of enterprise IoT projects will incorporate AI by 2022.

The Untapped Potential of AI & IoT

AIoT innovation is only accelerating, and promises to lead us into a more connected future.

CategoryTodayTomorrow
Edge computingSmart thermostats
Smart appliances
Home robots
Autonomous vehicles
Voice AISmart speakers
Natural language processing (NLP)
ePayment voice authentication
Vision AIMassive object detectionVideo analytics on the edge
Super 8K resolution

The AIoT fusion is increasingly becoming more mainstream, as it continues to push the boundaries of data processing and intelligent learning for years to come.

Just like any company that blissfully ignored the Internet at the turn of the century, the ones that dismiss the Internet of Things risk getting left behind.

Jared Newman, Technology Analyst

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Where Will the Next Billion Internet Users Come From?

When it comes to worldwide internet use, which regions are the most disconnected? And which regions have the most opportunity for growth?

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Where Will the Next Billion Internet Users Come From?

Internet adoption has steadily increased over the years—it’s more than doubled since 2010.

Despite its widespread use, a significant portion of the global population still isn’t connected to the internet, and in certain areas of the world, the number of disconnected people skews towards higher percentages.

Using information from DataReportal, this visual highlights which regions have the greatest number of people disconnected from the web. We’ll also dive into why some regions have low numbers, and take a look at which countries have seen the most growth in the last year.

Top 10 Most Disconnected, by Number of People

The majority of countries with lower rates of internet access are in Asia and Africa. Here’s a look at the top 10 countries with the highest numbers of people not connected to the web:

RankCountry / TerritoryUnconnected People% of Population
1India685,591,07150%
2China582,063,73341%
3Pakistan142,347,73565%
4Nigeria118,059,92558%
5Bangladesh97,427,35259%
6Indonesia96,709,22636%
7Ethiopia92,385,72881%
8Democratic Republic of Congo71,823,31981%
9Brazil61,423,29529%
10Egypt46,626,17046%

*Note: Rankings only include countries/territories with populations over 50,000.

Interestingly, India has the highest number of disconnected people despite having the second largest online market in the world. That being said, 50% of the country’s population still doesn’t have internet access—for reference, only 14% of the U.S. population remains disconnected to the web. Clearly, India has some untapped potential.

China takes second place, with over 582 million people not connected to the internet. This is partly because of the country’s significant rural population—in 2019, 39% of the country’s population was living in rural areas.

The gap in internet access between rural and urban China is significant. This was made apparent during China’s recent switch to online learning in response to the pandemic. While one-third of elementary school children living in rural areas weren’t able to access their online classes, only 5.7% of city dwellers weren’t able to log on.

It’s important to note that the rural-urban divide is an issue in many countries, not just China. Even places like the U.S. struggle to provide internet access to remote or rugged rural areas.

Top 10 Most Disconnected, by Share of Population

While India, China, and Pakistan have the highest number of people without internet access, there are countries arguably more disconnected.

Here’s a look at the top 10 most disconnected countries, by share of population:

RankCountry / Territory% of PopulationUnconnected People
1North Korea100%25,722,103
2South Sudan92%10,240,199
3Eritrea92%3,228,429
4Burundi90%10,556,111
5Somalia90%14,042,139
6Niger88%20,977,412
7Papua New Guinea88%7,761,628
8Liberia88%4,372,916
9Guinea-Bissau87%1,694,458
10Central African Republic86%4,132,006

There are various reasons why these regions have a high percentage of people not online—some are political, which is the case of North Korea, where only a select few people can access the wider web. Regular citizens are restricted from using the global internet but have access to a domestic intranet called Kwangmyong.

Other reasons are financial, which is the case in South Sudan. The country has struggled with civil conflict and economic hardship for years, which has caused widespread poverty throughout the nation. It’s also stifled infrastructural development—only 2% of the country has access to electricity as of 2020, which explains why so few people have access to the web.

In the case of Papua New Guinea, a massive rural population is likely the reason behind its low percentage of internet users—80% of the population lives in rural areas, with little to no connections to modern life.

Fastest Growing Regions

While internet advancements like 5G are happening in certain regions, and showing no signs of slowing down, there’s still a long way to go before we reach global connectivity.

Despite the long road ahead, the gap is closing, and previously untapped markets are seeing significant growth. Here’s a look at the top five fast-growing regions:

RankRegionChange in internet use (From 2019 to 2020)
1Central Africa+40%
2Southern Asia+20%
3Northern Africa+14%
4Western Asia+11%
5Caribbean+9%

Africa has seen significant growth, mainly because of a massive spike of internet users in the Democratic Republic of Congo (DRC)—between 2019 and 2020, the country’s number of internet users increased by 9 million (+122%). This growth has been facilitated by non-profit organizations and companies like Facebook, which have invested heavily in the development of Africa’s internet connectivity.

India has also seen significant growth—between 2019 and 2020, the number of internet users in the country grew by 128 million (+23%).

If these countries continue to grow at similar rates, who knows what the breakdown of internet users will look like in the next few years?

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