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The global cost of cybercrime is expected to reach an estimated USD 6 trillion by the end of 2022 and USD 10.5 trillion by 2025. These estimates represent a staggering leap in the frequency and scope of cybercrime which reached a record high of approximately USD 1 trillion in 2020, according to The Hidden Costs of Cybercrime report by McAfee.
5 July 22
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Out of the 2020 estimation, approximately USD 945 billion was lost due to cyber-attacks, and approximately USD 145 billion was spent on cyber security efforts. The increase in reported cybercrime has been attributed to various factors, including the increase in online activity brought about by the COVID-19 pandemic as well as better awareness of cyber-attacks, which has resulted in increased reporting of incidents by governments and organisations.
Despite this trend, businesses have fallen behind in implementing robust cybersecurity measures. For instance, it is estimated that one-fifth (20%) of organisations worldwide do not have any cyber incident prevention plan in place. Similarly, a cybersecurity benchmarking study carried out in 2022 revealed that 41% of the polled executives were not confident that their security initiatives aligned with the current digital transformations. These vulnerabilities put organisations and their stakeholders at significant risk.
Attacks on critical infrastructure, such as in the power, communications, financial, health and transportation sectors, is of particular concern given the impact that such disruptions can have on large segments of the population and the threat that they pose to national security. For example, the US Department of Energy considers cybersecurity in the energy sector as one of the nation’s key national security challenges.
We have put together a comprehensive article focused on combating cybercrime on critical infrastructure in the East African region.
Click here to download and read the full article.
Should you have any questions on cybercrime, cybersecurity, and data privacy in the context of Kenya, please do not hesitate to contact Luisa Cetina, Anne Kiunuhe or Willie Oelofse.
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Contributors
1. Ian Kanja Njogu – Associate
2. Jade Makory – Associate
3. Kelly Nyaga – Trainee Lawyer
4. Chebet Korir – Intern