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A service for global professionals · Tuesday, September 27, 2022 · 592,962,685 Articles · 3+ Million Readers

Cybercrime Damages To Cost The World $7 Trillion USD in 2022

Boardroom Cybersecurity 2022 Report Published by Cybersecurity Ventures; Sponsored by Secureworks

Board members and chief executives are more interested in cybersecurity now than ever before due to the increasing amount of headline news featuring major data breaches and hacks”
— Steve Morgan, founder of Cybersecurity Ventures
SAUSALITO, CALIF., USA, August 10, 2022 /EINPresswire.com/ -- Cybercrime is predicted to cost the world $7 trillion USD in 2022, according to Cybersecurity Ventures. If it were measured as a country, then cybercrime would be the world’s third largest economy after the U.S. and China.

As a result, boardroom and C-suite executives are paying attention. “Business leaders tell us reports on cybersecurity are way too technical, and use terms they don’t understand,” says Steve Morgan, founder of Cybersecurity Ventures.

The Boardroom Cybersecurity 2022 Report, published by Cybersecurity Ventures and sponsored by Secureworks©, provides a board of directors and the CEO with cyber economic facts, figures, predictions and statistics which convey the magnitude of the cyber threat they are up against, and market data to help understand what can be done about it.

The report was announced today at the Black Hat USA 2022 Conference in Las Vegas. Topics covered are cybercrime damage costs including ransomware and cryptocrime, cybersecurity spending, cyberinsurance, and the persistent cyber fighter shortage.

“Board members and chief executives are more interested in cybersecurity now than ever before due to the increasing amount of headline news featuring major data breaches and hacks,” says Morgan. “Now we need to move that awareness to action and our report is intended to spark discussion in the boardroom.”

The SEC recently proposed new rules that would require U.S. public company boardroom disclosure of corporate directors with cybersecurity expertise.

In 2021, only 17 percent of the 449 Fortune 500 companies that appointed new board members selected people with cybersecurity experience, according to the latest Heidrick & Struggles Board Monitor Report. That’s up from 8 percent in 2020.

Cybersecurity Ventures predicts by 2025, 35 percent of Fortune 500 companies will have board members with cybersecurity experience, and by 2031 that will climb to 50 percent.

Malcomb Farber
Cybersecurity Ventures
info@cybersecurityventures.com
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