“If it were measured as a country, then cybercrime — which is predicted to inflict damages totalling USD 6 trillion globally in 2021 — would be the world’s third-largest economy after the U.S. and China,” says Steve Morgan, Editor-in-Chief of Cybercrime Magazine. In a special report titled, Cyberwarfare in the C-Suite, Morgan states that the global cybercrime costs to grow by 15 per cent per year over the next five years, reaching USD 10.5 trillion annually by 2025, up from USD 3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year and will be more profitable than the global trade of all major illegal drugs combined.
Cyber threats are everywhere, and it is increasing at an alarming pace. The Indian Computer Emergency Response Team (CERT-In) observed over 6.07 lakh cyber security incidents in the first six months of 2021. This number stood at 2,08,456 in the year 2018; 3,94,499 in 2019; and 11,58,208 in 2020. Be it banks, tech companies, hospitals or government agencies; today, just about every other sector invests in cybersecurity infrastructure to protect their business practices and the millions of customers who trust them with their data. No wonder the cybersecurity market that was valued at USD 156.24 billion in 2020 is expected to reach USD 352.25 billion by 2026, registering a CAGR of 14.5% during 2021-2026.
So, what’s the best cybersecurity strategy? To answer this very important question, we have come with a special issue that focuses on the future of cybersecurity. In the issue, we have collated insights, opinions and ideas of experts in the cybersecurity domain to give our readers a comprehensive view of what’s happening in this sector.