With global cybercrime estimated to cost the world $10.5 trillion annually by 2025, it is important to know about the potential threat cybercrime poses, the impact it has and what can be done about it. One of the biggest problems is that there is just so much information. Not only is the nature of threats constantly evolving, but the responses to them differ across the globe. For example, one of the newest threats to consumers is not the loss of their data, but the use of their devices for bit coin mining. In fact, Symantec, a leading American software company, found that there was an 8,500 percent increase in the detection of coin miners.

Impact on business:
Damage to Reputation/Brand- It is important to remember that information put on the web stays there forever and it is possible that any online accounts could be hacked and personal information could be put on display for the entire world to see. It is important to think about this when considering the proper way to protect your customer and company data from cybercriminals. From a global survey, the lasting impact of a data breach on customers is so significant that 95% of participants would be willing to seek legal action against a company that didn’t properly protect their information. The survey also revealed that customers are prepared to break all ties with any company that is a victim of data breach. A data breach is detrimental to your company because it not only destroys customer trust, but it also causes the public to perceive your company as ill-equipped and easily hacked.
Intellectual Property Damage- A cybercriminal stealing ideas and plans could easily expose them to your competitors, making these ideas useless, costing your business months or even years of valuable work.