$5.2tr could be the cost of Cyber Risk in 5 years: Accenture

Accenture said that there could be a loss of $5.2tr over the next five years, to the companies worldwide due to Cyber Risk. This amount in total is the size of the combined economies of Spain, Italy and France.

There is a view that many of these existing protocols for cybersecurity configured in almost all the systems are outdated and might be unfit for the latest standards for sustaining latest trends in the formation of cyber strategy.

This issue has typically increased the burden of responsibility and challenges to the modern world Chief Executive Officer. Now everyone has a shared responsibility to build a safer environment for the internet.

Accenture said: “To do so, CEOs should collaborate with other top executives and also, where possible, with governments and regulators.”

The survey found that companies which faced data breaches, 50% or more incidents happened because of their partner companies and they are more willing to join this practice of making the internet premises more secure.

“When leaders realise that prioritising a trustworthy digital economy is a win-win situation, businesses, consumers and governments will all benefit through collaboration.”

CEO’s have to step up their game and start spending more on cybersecurity to protect themselves and their business. In the latest study, it is revealed by Gartner Projects that the cost of spending on cybersecurity will go from $123 billion in 2018 to an increase of 10.8% per year, and the forecast is $170.5 by 2022.

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