Companies face $5.2trn in cybercrime losses over next five years

Cyber attacks could cost businesses as much as $5.2trn (£4trn) in additional costs and lost revenue over the next five years.

Monday 28

Companies face $5.2trn in cybercrime losses over next five years

In a new report, the firm revealed that insurance and banking are in the top ten sectors most at risk from cybercrime, potentially losing $305bn and $347bn respectively.

Accenture said a growing dependency on complex internet-enabled business models would outpace companies’ ability to introduce adequate protections for critical assets.

After surveying 1,700 business leaders, it found that just 30% are very confident in internet security, with 80% adopting new technologies quicker than they can address cyber security.

“Internet security is lagging behind the sophistication of cyber criminals, and is leading to an erosion of trust in the digital economy,” said Accenture’s global communications, media and technology lead, Omar Abbosh.

“To become cyber-resilient, companies need to start bringing CISOs’ expertise to the board, ensuring that all business managers are held responsible for security and data privacy.”

A breakdown of how the projected $5.2trn of cyber crime costs would hit different sectors is shown below ($bn):

 

Accenture’s survey involved questioning 1,711 C-level executives at companies with annual revenues of $1bn or more across 13 countries

It found that three-quarters think cyber security has escaped their control due to new technologies like the internet of things (IoT) and the industrial internet of things (IIoT).

Four in five believe the advancement of the digital economy will be severely hindered unless there is dramatic improvement to security, while 59% think the internet is “increasingly unstable” from a cyber perspective.

In response, three-quarters of business executives believe that addressing cyber security challenges will require an organised group effort, and that no company can solve the problem on its own.

And amid the heightened concerns around security, more than half would welcome stricter business regulations imposed by a central organisation or governing body.

“Senior executives need to look beyond the bounds of their organisation, team with an ecosystem of partners, and secure their entire value chains – across every partner, supplier and customer, ”Accenture Security senior managing director, Kelly Bissell, said.

 

 

 

 

 

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