Cybersecurity News. PHOTO: Cybercrime Magazine.

The World’s Third-Largest Economy Has Bad Intentions — And It’s Only Getting Bigger

This week in cybersecurity from the editors at Cybercrime Magazine

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Sausalito, Calif. – Apr. 30, 2024

Move over, Japan and Germany. The global cybercrime economy — a $10.5 trillion behemoth according to Cybersecurity Ventures (expected by 2025) — represents the world’s third-largest economy by GDP, trailing only the US and China. Populated by bad actors, the World Economic Forum describes it as “the dark underbelly of the digital era.”

Although these cybercriminals are scattered around the globe, they form a well-oiled franchise in aggregate, with ransom money paid by victims and distributed into the recruiting, R&D, ransomware negotiations, bitcoin laundering, and malware and encrypter development that enable the next attack, according to a Bloomberg article by Check Point. Corporations are stuck in the middle of this unvirtuous circle, and the large-scale migration of workloads to the cloud has increased the surface area for attacks, compounding the risk.

The $10.5 trillion “profit” realized by cybercriminals has to come from somewhere. Nearly one-quarter (24 percent) of organizations surveyed for Check Point’s 2023 Cloud Security Report said that they’d experienced a public cloud-related security incident in the previous 12 months.

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