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30 Jul Unlocking The Ingenuity Of The Crowd: Winning The War On Cybercrime

Posted at 08:52h in Blogs by
This week in cybersecurity from the editors at Cybercrime Magazine

–Read the Full SecurityBrief UK Story

Sausalito, Calif. – Jul. 30, 2024

Organizations are putting more of their resources into defending their businesses than growing them, writes Sajeeb Lohani, director of cybersecurity at Bugcrowd, in an article published by SecurityBrief UK.

According to Gartner, total global IT spend in 2024 will nudge $5 trillion, up by 6.8 percent from 2023. The same source estimates 2024 cybersecurity spending will reach $215 billion, a 14.3 percent increase from the previous year.

Spending on cybersecurity is only a fraction of the global cost of cybercrime, estimated by Cybersecurity Ventures at $9.5 trillion in 2024. That’s nearly twice the global annual expenditure on IT.

As long as we continue to wage war on cybercriminals in the traditional way we will continue to lose, posits Lohani. He points out that the superpower of crowdsourcing is that it taps into the human motivation to do the right thing, and that it could have a profound impact on combating cybercrime.

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