A new report(pdf) by Accenture indicates that over the next 5 years, cyberattacks could result in global costs totaling $5.2 trillion. That amount includes both lost revenue for companies and the expenses businesses are likely to incur due to attacks. The high costs have to do with the growth of the digital economy and the poor cybersecurity controls applying to new technologies.
Based on the survey of around 1,700 C-suite members from across the globe, Accenture claims that “Internet security is lagging behind the sophistication of cybercriminals and is leading to an erosion of trust in the digital economy”.
Read more: Cybercrime could cost companies trillions over the next five years
