"Cybercrime Is World's Third-Largest Economy Thanks to Booming Black Market"

According to the World Economic Forum (WEF), cybercrime has become the world's third-largest economy, following the US and China. Cybercrime is estimated to cost $8 trillion globally in 2023 and $10.5 trillion in 2025, according to Cybersecurity Ventures. In an interview with Cybernews, Roya Gordon, a Security Research Evangelist at Nozomi Networks Labs, stated that the increased accessibility to purchase access to networks and ransomware online is one of the primary factors driving the expansion of the cybercrime economy. She noted that threat actors do not need to be highly technically skilled to conduct sophisticated cyberattacks such as ransomware attacks. Cybercriminals are also prepared to exploit security weaknesses caused by the rapid growth and use of Internet of Things (IoT) devices and connected device systems in the healthcare, education, and business sectors. In addition to financially driven criminals and nation-state actors that target critical infrastructure, the Russia-Ukraine war has significantly contributed to the growth of politically motivated hacktivists, thus further expanding the cybercrime economy. This article continues to discuss the factors driving the growth of the cybercrime economy.

Cybernews reports "Cybercrime Is World's Third-Largest Economy Thanks to Booming Black Market"