23 Oct Top 5 Cybersecurity Facts, Figures, Predictions, And Statistics For 2019 To 2021
What you need to know about the trillion dollar cyber economy over the next 3 years
– Steve Morgan, Editor-in-Chief
Sausalito, Calif. – Mar. 22, 2019
Cybercrime Magazine extrapolates the top 5 market data points from our research in order to summarize the cybersecurity industry through 2021.
Although the numbers listed below have been featured and quoted (with attribution to us as the source) by hundreds of major media outlets, vendors, academia, governments, associations, event producers, and industry experts – the material is all original research which first appeared in reports published by Cybersecurity Ventures.
1. Cybercrime damage costs are predicted to hit $6 trillion annually by 2021.
Cyber crime damages will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.
2. Cybersecurity spending will exceed $1 trillion from 2017 to 2021.
Information security (a subset of cybersecurity) spending is expected to reach $170.4 billion in 2022, according to Gartner. That doesn’t include a complete accounting of internet of things (IoT), industrial IoT, and industrial control systems (ICS) security, automotive security, and other cybersecurity categories. Global spending on cybersecurity products and services are predicted to exceed $1 trillion (cumulatively) over five years, from 2017 to 2021.
3. Cybercrime will more than triple the number of unfilled cybersecurity jobs, which is predicted to reach 3.5 million by 2021.
Every IT position is also a cybersecurity position now. Every IT worker, every technology worker, needs to be involved with protecting and defending apps, data, devices, infrastructure and people. The cybersecurity unemployment rate continues to hover around zero percent.
4. 70 Percent Of Cryptocurrency Transactions Will Be For Illegal Activity By 2021
Cryptocrime is an emerging segment of the cybercrime ecosystem, and it’s booming. Around $76 billion of illegal activity per year involves Bitcoin, which is close to the scale of the U.S. and European markets for illegal drugs, according to a study published by the University of Sydney in Australia, ranked as one of the top 100 universities globally.
5. Ransomware damage costs are predicted to grow more than 57X from 2015 to 2021.
Global ransomware damage costs are predicted to reach $20 billion by 2021, up from $325 million in 2015. Ransomware attacks on healthcare organizations — often called the No. 1 cyber-attacked industry — will quadruple by 2020. Cybersecurity Ventures expects that a business will fall victim to a ransomware attack every 11 seconds by 2021. This makes ransomware the fastest growing type of cybercrime.
Stay tuned for a year-end update with more cybersecurity market research from the editors at Cybersecurity Ventures.
– Steve Morgan is founder and Editor-in-Chief at Cybersecurity Ventures.