Visualizing the Massive Cost of Cybercrime Worldwide
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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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Infographic: 11 Tech Trends to Watch in 2023

This infographic highlights eleven exciting areas within the world of technology worth keeping an eye on in 2023.

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11 Tech Trends

Infographic: 11 Tech Trends to Watch in 2023

It can be tough to keep up with the rapid pace of innovation.

Each new year delivers the full spectrum of progress from game-changing breakthroughs to incremental advancements in a wide variety of fields.

In a noisy media landscape fueled by hype and speculation, it can be tough to know where true value is being created. The infographic above, which draws from CB Insights’ recent report on 11 Tech Trends To Watch Closely in 2023, helps narrow down some areas of focus:

  1. Immortality-as-a-service
  2. The secret invasion of super apps
  3. Fintech’s rapid regeneration
  4. Bots in the house
  5. Virtual power plants
  6. Healthcare’s invisibility trick
  7. Smell goes digital
  8. Femtech turns to menopause
  9. The bio-based materials boom
  10. India’s tech ascent
  11. Regenerative agtech takes root

The report draws information from earnings transcripts, media mentions, investment activity, patents, and more to arrive at the trends listed.

We’ll examine three of these trends below in a bit more detail.

Setting the Stage: Clash of the Super Apps

The concept of a super app⁠—an all-in-one smartphone application that integrates a wide range of services⁠—is far from new. In fact, for years now, WeChat has been the go-to app for many Chinese citizens to chat, order services, pay bills, and more.

A natural question comes to mind: why doesn’t an app like that exist in Western countries yet? Well, there are a couple of key reasons:

  1. Consumers and regulators alike are wary of providers holding so much personal information and power. In China, WeChat actually had government support, integrating public services into the app. As well, expectations of personal privacy are completely different in China than in Western countries
  2. Unlike China, which rapidly adopted digital payments, North America and Europe had preexisting near-ubiquitous financial networks in place. Super apps were a game changer for millions of unbanked consumers in China and beyond.

The situation is changing rapidly though, and 2023 could be the year that the foundations are laid for a clash of various Big Tech incarnations of the super app.

In late 2022, Microsoft was rumored to be building a super app using Bing as the foundation, and recent investment into ChatGPT adds fuel to that fire. Even Elon Musk hinted at his ambitions to turn Twitter into a one-stop-shop for just about everything.

There are still significant barriers to bundling a plethora of services into a single app, but that isn’t stopping companies from racing to be the one to do it. To the victor go the spoils.

The Resiliency of Life Extension

The concepts of immortality and age reversal have been a preoccupation of mankind since the dawn of time, so it stands to reason that technology that promises extra lifespan and quality of life continues to be compelling for individuals and investors alike.

Players in this space can approach life extension and anti-aging from a number of different angles, from supplements to tinkering at the cellular level.

Two high-profile examples in this space are Calico, which is a subsidiary of Alphabet, and the Jeff Bezos-backed Altos Labs. Other billionaires have expressed an interest in life extension as well, including Peter Thiel, who has definitive views on mortality.

I believe if we could enable people to live forever, we should do that. […] I think it is against human nature not to fight death. – Peter Thiel

In 2023, look for more investment and news from startups focused on gene therapy, genome analysis, regenerative medicine, or “longevity in a pill”.

Beyond Plastic: The Bio-Based Materials Boom

Public pressure is mounting for producers of consumer goods to change the way they manufacture their products.

The good news is that many of the largest producers of consumer packaged goods and apparel have some kind of plan in place to use more post-consumer recycled plastic in their products. The bad news is that not enough plastic is recycled globally for companies to source enough material to produce their products more sustainably. As a result, many companies are exploring the option of ditching plastic entirely.

For example, materials derived from seaweed are an active area of innovation right now. Mushrooms and algae are also commonly-used materials from nature that are being used to create biodegradable products. In one particularly interesting example, a company called MycoWorks recently began working with GM Ventures to explore the use of mycelium-based leather alternatives in GM’s vehicles.

While researchers and companies are just scratching the surface of what’s possible, consumers are likely to see more tangible examples of bio-based materials popping up in stores. After all, brands will be very eager to talk about their increasingly plastic-free product lines.

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