Cyber Crime Becomes World’s Thirds Largest Economy
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Cybercrime has grown to become the world’s third-largest economy after the US and China, according to the World Economic Forum (WEF). Based on data from Cybersecurity Ventures, it is projected to cost the world $8 trillion in 2023 and $10.5 trillion by 2025.
Ransomware-as-a-service and malware sold on the dark web are still what’s driving the growth of cybercrime, says Security Research Evangelist Roya Gordon at Nozomi Networks Labs.
Anyone can buy access to networks and ransomware online, which is one of the main drivers of this growth, Gordon told Cybernews in an interview. Threat actors do not need technical skills to launch sophisticated cyber or ransomware attacks, she said.
“There are more players in the game because all of these tools are readily available, so you don’t really need to do anything,” Gordon said.
Cybercriminals are also ready to exploit security gaps resulting from the rapid adoption of the Internet of Things (IoT) – or systems of connected devices – across healthcare, education, and business sectors.
In addition to financially motivated criminals and nation-state actors that target critical infrastructure for material gain, Russia’s war in Ukraine has also seen the rise of politically motivated hacktivists, further contributing to the growing economy of cybercrime.
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