Cybersecurity Ventures expects global cybercrime costs to grow by 15 per cent per year over the next five years, reaching $10.5 trillion annually by 2025.

Cybercrime is inflicting the global economy $6 trillion in damages while corporate fraud is costing businesses across the world $5 trillion annually, according to data provided by panelists at a symposium on internal audit.

The sheer magnitude of the losses wreaked by cyber and corporate crimes underscores the critical role of internal auditors in the timely detection and prevention, the first-ever symposium on Benchmarking in Internal Audit in Dubai was told.

The one-day symposium was organsied by the UAE Internal Auditors Association (UAE-IAA). If the cost of the cybercrime were measured as a country, then it would be the world’s third-largest economy after the US and China.

Cybersecurity Ventures expects global cybercrime costs to grow by 15 per cent per…

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