Cyber attacks to cost the world $6 trillion by 2020

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Businesses operating around the world are likely to lose $6 trillion by 2020 due to cyber attacks said Professor Kerem Alkin, the head of Turkey’s Mobile Service Providers Association(MOBILSIAD).

“Earlier in the year 2015, it was $3 trillion loss and it reached $4 trillion last year. Now, the estimate suggests that the figure could touch six trillion dollar mark by the end of 2020”, said Prof. Alkin.

Furthermore, an increase would also be witnessed in the world’s cybersecurity expenses as it is said to reach $1 trillion from $100 billion.

Coming to the number of devices connected to the internet, Prof. Alkin said that the figure will touch 200 billion mark and people are expected to use over 300 billion passwords for everyday life.

When it comes to businesses falling prey to ransomware, on an average a company is said to get exposed to ransom for every 40 seconds. And these figures were counted in the year between 2015 and 2017. Now the exposure rate is predicted to reach 14 seconds mark this year.

As hackers gain more profits with minimal investment, launching cyber attacks is proving as a good earning profession for those active in dark web. Ransomware as a service, phishing attack campaigns, crypto mining campaigns, and Distributed denial of service attacks will prove as super- earning streams for hackers in 2019 and 2020.

Note- MOBILSIAD is a 2009 founded organization comprising of 24 members and developed in solidarity and cooperation between Mobile services providers offering value-added products, services, and technologies over telecommunication platform.