Cybercrime Could Cost Companies Trillions Over the Next Five Years

Companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, according to Accenture

Based on a survey of more than 1,700 CEOs and other C-suite executives around the globe, the report — Securing the Digital Economy: Reinventing the Internet for Trust — explores the complexities of the internet-related challenges facing business and outlines imperatives for the CEO’s evolving role in technology, business architecture and governance.

The report notes that cybercrime from a wide range of malicious activities poses significant challenges that can threaten business operations, innovation and growth, and the expansion into new products and services, ultimately costing companies trillions of dollars.

The high-tech industry faces the highest risk, with more than $753 billion hanging in the balance, followed by the life sciences and automotive industries, with $642 billion and $505 billion at risk, respectively.

The rapid emergence of new technologies is creating additional challenges, as four in five respondents (79 percent) admit that their organization is adopting new and emerging technologies faster than they can address related cybersecurity issues, with three-quarters (76 percent) noting that cybersecurity issues have escaped their control due to new technologies such as the internet of things (IoT) and the industrial internet of things (IIoT). A majority (80 percent) also said protecting their companies from weaknesses in third parties is increasingly difficult, which isn’t surprising given the complexity of today’s sprawling internet ecosystems.

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