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.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
