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Cybersecurity: Fighting a Threat That Causes $450B of Damage Each Year

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Cybersecurity: Fighting a Threat That Causes $450B of Damage Each Year

Cybersecurity: Fighting a Threat That Causes $450B of Damage Each Year

With recent high profile hacks of companies such as Uber, Equifax, and HBO, it’s safe to say that cybersecurity is already top of mind for many of the world’s biggest companies.

However, as billions of more devices get connected to the internet every year – including many that are not properly secured – this cybercrime threat is evolving quickly, and the stakes are rising as well. Experts estimate that cybercrime caused $450 billion of damage to the economy in 2016, and that number is expected to increase to $6 trillion by 2021.

Today’s infographic, which comes to us from Evolve ETFs, covers the growing threat of cybercrime along with the associated boom in global cybersecurity spending.

Situation: Code Red

The potential impact of a large-scale cyber attack is bigger than ever, and today cybersecurity is a number one concern for businesses, governments, and individuals.

Since 2013, over nine billion records have been lost or stolen globally, and nearly two billion of those were breached in the first half of 2017 alone.

With 80% of the value of Fortune 500 firms stemming from intellectual property (IP) and other intangibles, this means that the digitization of assets comes with massive risks. According to a joint report by Lloyd’s and Cyence, a single large-scale attack could cause up to $53 billion in damages, which is comparable to the size of a natural disaster.

The potential firepower behind today’s cyber threats are enough even to catch the attention of top defense officials. In a survey of 352 national security leaders, the greatest threat facing the United States is not terrorism (26.3%) – it’s actually cyberwarfare (45.1%).

Fighting Cybercrime

Businesses are more focused than ever on protecting themselves and their data from increasingly advanced and complex threats.

In a recent survey by Marsh LLC and Microsoft, of the many global companies that are subject to new privacy rules in Europe, 78% of senior executives are planning to increase spending on cyber risk management in the next 12 months.

Reducing the cost of security breaches by only 10% can save global enterprises $17 billion annually.

– Morgan Stanley

As a result, the cybersecurity sector continues to be one that is on the rise. Spending is increasing particularly in four key areas: security analytics (SIEM), threat intelligence, mobile security, and cloud security – and global cybersecurity spending is expected to grow at a 9.5% CAGR to hit $182 billion in 2021.

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Mapped: The World’s Top 50 Science and Technology Hubs

This map explores the world’s top 50 science and technology hubs based on the Global Innovation Index 2023 data.

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This map explores the world’s top 50 science and technology clusters, based on data from the Global Innovation Index 2023.

The World’s Top 50 Science and Technology Hubs

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, the world experienced another wave of science and technology (S&T) innovation, from the introduction of the first over-the-counter birth control pill in the U.S. to the stunning growth of ChatGPT and artificial intelligence.

This map explores the world’s top 50 science and technology hubs leading these innovations based on data from the Global Innovation Index 2023. Hubs were ranked by their combined share of international patent applications and scientific publications.

East Asia Dominance in S&T

The world’s five most significant science and technology hubs are in East Asia.

The top-ranked Tokyo-Yokohama cluster made up just over 10% of all patent applications between 2018-2022.

ClusterCountry/EconomyPatent ApplicationsScientific Publications
Tokyo-Yokohama🇯🇵 Japan127,418115,020
Shenzhen-Hong Kong-Guangzhou🇨🇳/🇭🇰 China/Hong Kong113,482153,180
Seoul🇰🇷 South Korea63,447133,604
Beijing🇨🇳 China38,067279,485
Shanghai-Suzhou🇨🇳 China32,924162,635
San Jose-San Francisco🇺🇸 U.S.47,26958,575
Osaka-Kobe-Kyoto🇯🇵 Japan38,41351,948
Boston-Cambridge🇺🇸 U.S.18,18476,378
San Diego🇺🇸 U.S.23,26120,928
New York City🇺🇸 U.S.13,83874,849
Nanjing🇨🇳 China7,143113,488
Paris🇫🇷 France15,17661,692
Wuhan🇨🇳 China6,25089,756
Hangzhou🇨🇳 China10,75562,924
Nagoya🇯🇵 Japan17,73616,091
Los Angeles,🇺🇸 U.S.11,55644,058
Washington, DC–Baltimore🇺🇸 U.S.5,52576,039
Daejeon🇰🇷 South Korea12,27525,552
Xi'an🇨🇳 China1,78686,937
London🇬🇧 Great Britain5,98159,068
Seattle🇺🇸 U.S.11,47220,322
Munich🇩🇪 Germany10,24824,239
Qingdao🇨🇳 China7,28639,745
Chengdu🇨🇳 China2,04667,334
Cologne🇩🇪 Germany7,46634,286
Amsterdam–Rotterdam🇳🇱 Netherlands4,23052,864
Taipei–Hsinchu🇹🇼 Taiwan3,90752,752
Houston🇺🇸 U.S.8,47524,636
Stuttgart🇩🇪 Germany9,34214,874
Tel Aviv–Jerusalem🇮🇱 Israel7,26824,219
Moscow🇷🇺 Russia2,03655,086
Chicago🇺🇸 U.S.5,76332,343
Singapore🇸🇬/🇲🇾 Singapore/Malaysia4,86136,803
Tehran🇮🇷 Iran24963,113
Philadelphia🇺🇸 U.S.5,39032,309
Tianjin🇨🇳 China1,26753,680
Changsha🇨🇳 China1,14952,768
Stockholm🇸🇪 Sweden6,06919,984
Minneapolis🇺🇸 U.S.6,62515,375
Hefei🇨🇳 China2,54938,974
Eindhoven🇳🇱 Netherlands7,9825,339
Melbourne🇦🇺 Australia2,12640,056
Berlin🇩🇪 Germany3,62430,464
Chongqing🇨🇳 China1,65141,412
Frankfurt am Main🇩🇪 Germany5,41018,590
Sydney🇦🇺 Australia2,53933,695
Raleigh🇺🇸 U.S.3,05730,206
Madrid🇪🇸 Spain1,58038,849
Zürich🇨🇭 Switzerland3,75924,437
Milan🇮🇹 Italy2,57831,077

The first American cluster on the list, the San Francisco Bay Area, is home to major tech companies such as Adobe, eBay, Google, and PayPal.

Along with Cambridge in the United Kingdom, the San Francisco Bay Area is one of the most S&T-intensive clusters relative to overall population density.

For the first time, China topped the list of countries with the highest number of clusters among the top 100, having 24 total. The United States follows, with 21 clusters, then Germany with nine.

In addition, nearly every Chinese cluster rose in the rankings compared to last year, with only Beijing falling by one place.

São Paulo (Brazil); Bengaluru, Delhi, Chennai, and Mumbai (India); Tehran (Islamic Republic of Iran); Istanbul and Ankara (Türkiye); and Moscow (Russian Federation) are the only middle-income economy clusters outside China.

According to the Global Innovation Index, the U.S. leads in research and development (R&D) expenditure, followed by China, Japan, Germany, and the Republic of Korea.

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