Two years ago, Ginni Rometty, chairman, president and CEO at IBM Corp., said, “We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true—even inevitable—then cyber crime, by definition, is the greatest threat to every profession, every industry, every company in the world.”
Rometty was right on the money. Cyber criminals are expected to cost the world $6 trillion in damages by 2021, up from $3 trillion in 2015—when she prophesied the hacker threat to CISOs, CIOs, and CEOs from 123 companies in 24 industries at an IBM Security Summit in New York City.
In response to a potential hackerpocalypse, the world is expected spend more than $1 trillion cumulatively on cybersecurity products and services over the next five