SA suffers as cybercrime rises globally

cybercrime is increasing at an alarming rate across the world and has become one of the biggest threats faced by companies, governments and individuals as the spread of digital technology and connectivity makes every form of human activity vulnerable to attack.

Global research company Cybersecurity Ventures predicts that the damages from cybercrime may cost the world $6tr a year by 2021, up from $3tr in 2015. Its estimates include everything from the damage, theft, and destruction of data, to stolen money, lost productivity, the cost of recovery from an attack and reputational harm.

Cybercrime may cost the world $6tr a year by 2021, up from $3tr in 2015.

A more grounded figure from US global computer security company McAfee puts global losses in 2017 at $600bn, which nonetheless amounts to more than the income of almost all but a few countries.