Businesses Could Lose Over $5 Trillion in the Next 5 Years Due To Cyber Crime

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According to a survey by Accenture, over 1,700 business leaders suggested that businesses could lose $5.2 trillion in the next five years due to cyber crime incidents.  Businesses realize that Cybersecurity is a major concern and they are trying to adjust their cybersecurity priorities accordingly, but not all are equipped to do so.

The survey conducted – “Securing the Digital Economy: Reinventing the Internet for Trust” - included some pretty significant findings, including:

  • 80% of business leaders said protecting their companies from third-party security weaknesses is becoming “increasingly difficult.”

  • 79% noted digital economy advancement “will be severely hindered” unless dramatic Internet security improvements take place.

  • 76% indicated that consumers cannot trust the safety of their online identities due to the fact that too much of their personal data is already available without restrictions.

  • 75% said addressing cybersecurity challenges will require an organized group effort.

  • 56% want stricter Internet security regulations imposed by a central organization or governing body.

To address these concerns, Accenture recommends creating an industry-wide code of security, taking control of your online identity, being transparent about cyberattacks, embedding security into business architecture and making all lines of business accountable as ways to address internet security threats.

To read Accenture’s report: click here.

Story via MSSPAlert

Brett H.