Cyber crime will cost the world €5.5 trillion by 2021

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Cyber crime will cost the world €5.5 trillion by the end of 2020 says report.

The Report ‘Cybersecurity – Our Digital Anchor’, which brings together research from different disciplinary fields, has provided multidimensional insights into the growth of cyber security over the last 40 years, identifying weaknesses in the current digital evolution and their impacts on European citizens and industry.

The report sets out the elements that potentially could be used to shape a brighter and more secure future for Europe’s digital society, taking into account the new cyber security challenges triggered by the COVID-19 crisis. According to some projections, cyber crime will cost the world €5.5 trillion by the end of 2020, due in part to the exploitation of the COVID-19 pandemic by cyber criminals, which is the largest transfer of economic wealth in history, more profitable than the global trade in all major illegal drugs combined.

The report concludes that:

  • cyber security resilience along with measures to deter attacks and new ways to avoid software vulnerabilities should be enhanced, developed and supported. It concludes there is a need for a ‘paradigm shift’ in the way cyber security is designed and deployed, to make it more proactive.
  • given that data flows and information are the lifeblood of today’s digital society, cyber security is essential for ensuring that digital services work safely and securely while simultaneously guaranteeing citizens’ privacy and data protection.
  • cyber security is evolving from a technological ‘option’ to a ‘must’.

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