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Cybercrime could cost companies $5.2 trillion over next five years

(Image credit: Image source: Shutterstock/AlexLMX)

Companies are leaving themselves open to cybersecurity incidents by forgetting about basic protection as they rush to enable digital business models, new research has claimed.

This is according to a report by Accenture which says that doing so could cost them, globally and within the next five years, $5.2 trillion in both additional costs and lost revenue.

The report, Securing the Digital Economy: Reinventing the Internet for Trust, says that high-tech industry faces the highest risk, with more than $753 billion on the line. Life sciences ($642 billion) and automotive industries ($505 billion) are next.

The majority feel that unless there is 'dramatic' improvement to internet security, the advancement of the digital economy will be “severely hindered”. Many also believe the internet is getting increasingly unstable from a cybersecurity perspective.

Tackling these issues will require an organised group effort, it was added.

“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 & Technology operating group globally. “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.”

The study says there are three steps business leaders can make to improve the safety of the internet, including joining forces for better governance; connecting and protecting with a model run on digital trust, and embracing new technologies and mastering their security.

Image source: Shutterstock/AlexLMX