Report predicts costs up to $6 trillion due to cybercrime by 2021

By Erin Ayers on September 14, 2016

Dark and costly days lie ahead for the connected world, according to a recent report that estimated potential future costs of cybercrime at up to $6 trillion by 2021.

“Cyberwarfare has crossed from the digital world into our physical realm, and there is a very real potential cybercrime will lead to the loss of human life” said Robert Herjavec, founder and CEO of Herjavec Group, an information security advisory firm that sponsored “Hackerpocalypse: A Cybercrime Revelation” along with the firm Cybersecurity Ventures. “A breach of our power grids, of our dams, or of air traffic control mechanisms, could have catastrophic effects that are felt far beyond the financial and reputational impacts of a corporate attack.”

In coming up with its estimate, the firms calculated the effects of damage and destruction of data, lost funds, business interruption, intellectual property theft, loss of personal and financial data, identity theft, forensic services, restoration of hacked data and systems, and reputational harm.

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eayers@advisen.com'

Erin is an editor at Advisen. She has 15 years of journalism experience. Prior to Advisen, Erin covered property-casualty insurance for 13 years as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at eayers@advisen.com.