Accenture: Cybercrime to cost U.S. companies $5.2 trillion by 2024

Researchers underscore the ways in which cybercrime threatens business operations, innovation and growth.

Companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, according to a new report from Accenture, the global professional services company.

Based on a survey of more than 1,700 chief executive officers and other C-suite executives worldwide, the report titled “Securing the Digital Economy: Reinventing the Internet for Trust” explores the complexities of the internet-related challenges facing business and outlines imperatives for the chief executive officer’s evolving role in technology, business architecture and governance.

The report notes that cybercrime poses significant challenges that can threaten business operations, innovation and growth, as well as the expansion into new products and services, ultimately costing companies trillions of dollars.

The high-tech industry faces the highest risk, with more than $753 billion hanging in the balance, followed by the life sciences and automotive industries, with $642 billion and $505 billion at risk, respectively, according to the Accenture report.


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