In a recent report compiled by a security firm, it was found that based on current cybercrime numbers and the cost of combatting attacks, the cost to the global economy will be $6 Trillion (&4.5 Trillion annually!)

The report conducted by the security firm Herjavec Group, found that the cumulative costs of data damage and destruction, stolen finances and intellectual property, deletion and restoration of hacked data and system and personal or financial data theft.

The report also revealed that the most attacked industries include manufacturing, healthcare, transportation and financial services and government agencies.

"Due to the anonymous and impersonal nature of the attack surface, cybercriminals test your assets from outside and in, looking for the most profitable ways to exploit the holes in corporate cyber defences," Robert Steadman, vice president, Security and Compliance Consulting for Herjavec Group, said in a statement.

"The lack of user awareness when combined with a significant uptick in criminal activity (and improved tactics) has given rise to a number of large scale private and public sector breaches that have resulted in a global epidemic of issues surrounding confidentiality, integrity and availability of data and services," he added.

When looking at the rise in attacks, the report found that the number of ransomware attacks, a type of malware that installs itself on a computer, locks the computer down and then demands a ransom to release it, have exploded by a massive 300%. The report goes on to offer further proof that business is booming for cyber criminals, by revealing that new malware is being produced at the alarming rate of 23,000 a day! That’s 960 new pieces of malware every hour!

The key to reducing the cost of cybercrime is preparation. The report found that most companies didn’t upgrade their cyber security often enough making it easy for cybercriminals to hack into their systems. The report also found that management didn’t know how to read a cyber breach report, meaning they don’t understand the extent of the damage or what steps they can take to combat further attacks.

Considering how much damage cybercrime can have on a small business, both in terms of finances and public image, it’s shocking that more businesses don’t take every measure possible to protect themselves and their customers.

The aim of the report was to engage the various governments and agencies of the world in an open and public conversation on how best to combat cybercrime. Hopefully some of the shocking numbers we’ve seen come from the report will trigger a greater response to the threat.