Global cybercrime damage cost to hit $6trillion

Delegates during the 46th annual Fiji Institute of Accountants (FIA) congress which began this morning at the Shangri-La's Fijian Resort and Spa. Picture: FILIPE NAIGULEVU

GLOBAL cybercrime damage costs is expected to hit $6trillion annually by 2021 with cybersecurity spending to exceed to $1 trillion from 2017 to 2021.
This was highlighted by Australian Detective Superintendent Glyn Lewis while making a presentation at the 46th Fiji Institute of Accountants (FIA) congress at the Shangri-La’s Fijian Resort and Spa on Yanuca Island, Sigatoka yesterday.
Speaking on “Tackling the age of increasingly sophisticated cybercrime”, Mr Lewis indicated that cybercrime would more than triple the number of unfilled cybersecurity jobs, which is predicted to reach 3.5m by 2021.
He also noted that human attack surface was expected to reach six billion people by 2022 while global ransomware damage are predicted to exceed $5b in 2017.
More on this story, read in today’s edition of The Fiji Times and in our E-Edition.