Cybercrime Could Cost Companies US$5.2 Trillion Over Next Five Years, According to New Research from Accenture
Posted in: Legal & Security at 27/01/2019 01:03
Companies globally could incur US$5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, according to a new report from Accenture.
Based on a survey of more than 1,700 CEOs and other C-suite executives around the globe, the report — Securing the Digital Economy: Reinventing the Internet for Trust — explores the complexities of the internet-related challenges facing business and outlines imperatives for the CEO’s evolving role in technology, business architecture and governance.
The report notes that cybercrime from a wide range of malicious activities poses significant challenges that can threaten business operations, innovation and growth, and the expansion into new products and services, ultimately costing companies trillions of dollars. The high-tech industry faces the highest risk, with more than US$753 billion hanging in the balance, followed by the life sciences and automotive industries, with US$642 billion and US$505 billion at risk, respectively.