By 2021 Cost of Cybercrime to Top Annual Natural Disasters and Global Drug Trade Costs, Says Report

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By CircleID Reporter

By 2021, it is estimated that cybercrime will cost the global economy more than $6 trillion in damages, exceeding annual costs for natural disasters and the global drug trade. In a report released on Monday, Arkose Labs says it analyzed over 1.2 billion transactions including account registrations, logins and payments from financial services, e-commerce, travel, social media, gaming and entertainment industries, in real-time and found that one in 10 transactions are attacks, ranging from automated bots to malicious humans. Arkose reports:

— The Philippines is the Top Attack Originator: “U.S., Russia, the Philippines, U.K. and Indonesia have emerged as the top originators of attacks, with the Philippines as the single biggest attack originator for both automated and human driven attacks and the U.S. a distant second.”

— Technology Companies are Heavily Targeted by Human Driven Fraud: “The technology segment is heavily targeted by human click-farms and sweatshops, which employ a large group of low-paid workers hired specifically to make fraudulent transactions or create fake accounts… 43% of all attacks on tech companies are human driven and account registrations for tech companies are four times more likely to be attacks than logins.”