Monday, October 09, 2017

Industries Most Affected by Cybercrime

From IBISWorld:
The disruption caused by the rise of the internet and popularity of web-enabled devices is indisputable; industries have been completely flipped upside down as new, online businesses offer consumers products and services that were once unimaginable.

As life is moving to the cloud, however, so are the criminals. The US Justice Department estimates that more than 4,000 ransomware attacks have occurred each day since the beginning of 2016, meaning hackers engineer software programs that prevent employees from accessing their computer systems until a ransom total is paid.

In 2016, about 72.0% of large companies and 20.0% of small to midsize companies were targets of cyberattacks, according to CNBC and Microsoft, respectively, boosting demand for products and services protecting against cyberattacks. IBISWorld expects the US Security Software Publishing industry to grow 2.6% in 2017, to $12.0 billion.

However, while companies are increasingly investing in defending against cyberattacks, large attacks still occur. In fact, just this week, news broke that a cyberattack on credit-reporting agency Equifax Inc. claimed social security numbers and other sensitive information on more than 140.0 million Americans. Equifax is hardly alone; the following four industries and companies have been hit hard by cybercriminals over the past five years...

The challenge of cybersecurity remains colossal and is only expected to grow; while total internet traffic volume grew an annualized 20.2% over the past five years, it is expected to accelerate to an annualized growth of 21.7% over the next five years. In 2022, nearly triple the amount of data will be transferred on the internet compared with today, increasing the risk of cybercriminals looking to steal Social Security and credit card numbers, creative content and other pieces of sensitive information.

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