The cybercrime ecosystem is just as susceptible to the invisible hand of the market — and to digital disruption — as the rest of the economy, apparently.
Cyber breaches have cost businesses more than $20 billion already in 2021, and that figure is expected to grow to $265 billion within a decade, according to global risk and insurance business Allianz.
However, market forces and more robust responses from national governments are putting pressure on the criminal ecosystem according to separate data from Coveware, which aggregates global ransomware and cyber extortion data.
In a report by Allianz Global Corporate and Speciality (AGCS) called Ransomware Trends: Risk and Resilience, the company quotes research from Accenture suggesting cyber intrusions have already jumped 125 per cent this year with 'ransomware and extortion operations top two contributors behind this triple‑digit increase."
Newsletter Signup
Get the latest insights and analysis delivered to your inbox.
I have read and accept the privacy policy and terms and conditions and by submitting my email address I agree to receive the Digital Nation newsletter and receive special offers on behalf of Digital Nation, nextmedia and its valued partners. We will not share your details with third parties.AGCS also notes that according to the US Federal Bureau of Investigation (FBI), "There was a 62 per cent increase in ransomware incidents through the first six months of 2021 in the US, which followed a 20 per cent increase in the number of incidents for the whole of 2020 and a 225% increase in ransom demands."
Scott Sayce, Global Head of Cyber at AGCS and the Global H ..
Support the originator by clicking the read the rest link below.
