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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’.

If you would like to address the cyber security at your company then why not check out our Cyber Security as a Service (CSaaS) solution.

Appointing NormCyber as our virtual DPO has given Ferrero the best of both worlds – access to data protection experts who understand what we stand for as a business, without the hefty overheads usually associated with appointing an in-house DPO.

Harpreet Thandi
Regional Counsel, UK & Ireland, Ferrero

We were looking for a virtual DPO service that offered all of the benefits of a fully qualified data protection lawyer, without the overheads of an in-house hire. The DPaaS solution from norm. has been invaluable in helping us to ensure we respect the integrity of our customers’ personal information, while using it to continue to deliver differentiated products and services which support our growing customer base.

Mike Whitfield, Compliance Manager
Marmalade

CSaaS allows me to step away from multi-vendor management as the Security Operations Centre coordinates all of the technology for me.

David Vincent, CTO
Perpetuum

We were in the market for an independent Data Protection Officer service that was well versed with both UK and EU regulators. We’re thrilled to have acquired this service knowing that an expert is available 24/7.

Suzanne McCabe, Head of Project Management
James Hambro & Partners

Norm’s penetration testing layer, along with the suite of CSaaS modules has enabled MA to exceed all its audit requirements for its major clients.

Rob Elisha, ICT and CRM Manager
Montreal Associates

The speed of your Data Protection Officer’s response was very impressive – it was far quicker than I would have expected even from an in-house DPO

Will Blake, Director of Technology and Analytics
CRU Group