Accenture: Cyberattack Cost to Businesses Could Be $5.2 Trillion Over Five Years

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As cyberattacks continue to grow in number and complexity, they could cost businesses across the globe as much as $5.2 trillion in additional costs and lost revenue over the next five years, according to new research about the cyberattack cost for businesses from Accenture.Cyberattack Cost

The consulting firm points out that that cybercrime can threaten business operations, innovation and growth, as well as the expansion into new products and services. Facing the highest risk is the high-tech industry, with more than $753 billion at risk, followed by the life sciences and automotive industries, with $642 billion and $505 billion hanging in the balance.

Among other key findings:

  • Nearly four in five respondents (79%) said the advancement of the digital economy will be severely hindered unless there is dramatic improvement to internet security
  • More than half (59%) of respondents said the internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react.
  • Seventy-five percent of respondents believe that addressing cybersecurity challenges will require an organized group effort, as no single organization can solve the challenge on its own.

“Internet security is lagging behind the sophistication of cybercriminals and is leading to an erosion of trust in the digital economy,” said Omar Abbosh, who leads Accenture’s communications, media and technology operating group globally, in a prepared statement.  “Strengthening internet security requires decisive — and, at times, unconventional — leadership by CEOs, not just CISOs. To become a cyber-resilient enterprise, companies need to start by bringing CISOs’ expertise to the board, ensuring security is built-in from the initial design stage and that all business managers are held responsible for security and data privacy.” A CISO is the chief information security officer.

“The internet wasn’t built with today’s level of complexity and connectivity in mind, which is why it takes just one click — whether inside or outside the company walls — to fall prey to a devastating cyberattack,” added Kelly Bissell, senior managing director of Accenture Security, in a prepared statement.