Cybercrime anticipated to reach $10 trillion next year

The annual cost of cybercrime is expected to reach $10 trillion dollars next year. In terms of GDP, the figure indicates that it would be the third biggest economy in the world after the US and China. This is the reason why countries from Australia to China, the UK and US are racing to tighten up their cybersecurity laws and the UN is expected to pass a landmark cyber treaty in the next few weeks.

Cybercrime is becoming the number one challenge for law enforcement and intelligence agencies. With deep-fakes and disinformation to hacks and attacks on infrastructure, healthcare and security networks, artificial intelligence is already changing the rules of the game.

Today’s connected digital world makes everyone vulnerable to criminal gangs and state-sponsored hackers who can access our data and devices. Imagine handing over control of your bank account, your electric vehicle, even your pacemaker.

Interpol is the world’s largest police force. Formed in the aftermath of the First World War, it was established to combat an increasing threat from international crime. Collaboration between countries allowed crime-fighting to extend beyond national boundaries. Today the organization has almost 200 member countries and when it comes to fighting cybercrime, that original principle of collaboration is more important than ever.

Interpol’s Director of Cybercrime, Dr. Neal Jetton, leads the agency’s battle against the hackers. He considers the development of AI to be a double-edged sword, benefitting both criminals and law enforcement alike.