As the organizations around the world continue to trudge through the disruption caused by the COVID-19 pandemic, cybercriminals keep coming up with even more menacing ways of dragging them down. Cybersecurity experts have predicted that cybercrime will cost the global economy $6.1 trillion annually by 2021. With the pandemic serving as a catalyst, cybercrime is expected to soon become the world’s third-largest economy.
While the ongoing pandemic has forced an unprecedented number of people to work from home and forgo the security of a well-developed IT infrastructure, cybercriminals have marked the unwary employees as the target of choice. Organizations were compelled to innovate and adapt so swiftly that the security didn’t get enough time to catch up, leaving businesses vulnerable to the cyber threats looming across the horizon.
Owing to the COVID-19 pandemic and the sudden transformation to remote work culture, cybercrimes have risen like never before and are expected to rise even more as we move towards 2021. Following are some outrageous statistics showing just how severely these cyber attacks are affecting the global economy:
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