By Andrei Skvarsky.
According to Sberbank, Russia’s largest bank, cybercrime inflicted total damages of $1.5 trillion on companies worldwide last year and will rob them of another $2.5 trillion in 2019.
Sberbank partly attributes the rocketing scale of cybercrime to the rapidly increasing accessibility of sophisticated technology to the average person. By 2022 more than one trillion personal electronic devices would be plugged into the Internet, the Moscow-based lender said in a statement.
The $2.5 trillion estimate is apparently not the grimmest forecast. For instance, US-based research company Cybersecurity Ventures predicted in a 2016 report that cybercrime would cost the world more than $6 trillion annually by 2021.
Sberbank pointed out in its statement that, among other things, cybercrime confronts criminal justice systems with essentially new problems such as liability for decisions made by artificial intelligence or compensation for damage caused by data leaks.
One of Sberbank’s forms of action against cybercrime is an initiative to hold international cybersecurity forums in Moscow to bring together government figures, business leaders and experts.
One of these – the second International Cybersecurity Congress (ICC) – is due to take place on June 20-21.
About 700 organisations were represented at the first ICC a year ago, which had more than 2,500 attendees from more than 50 countries. Russian President Vladimir Putin spoke at the forum.
The second ICC would be the highlight of Global Cyber Week, a planned string of international cybersecurity events in Moscow on June 17-21 to include a practical technical conference on June 17-18 and an online training session on international cooperation entitled Cyber Polygon.
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