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Jamaica: Cost of cybercrime could reach $6 trillion per annum

Deputy Prime Minister and Minister of National Security, Dr Horace Chang, says the Government is committed to improving the national and regional cybersecurity resilience and response.

“Cybercrime is a clear and present danger to every country in the region. This is the new frontier of national and regional security resilience, and an area in which the Government of Jamaica is deeply committed,” he said.

Dr Chang was speaking at the opening of a two-day Virtual Caribbean Cybersecurity Skills Symposium on Wednesday, August 25.

Citing the 2019 Annual Cybercrime Report by Cybersecurity Ventures, the National Security Minister said it was estimated that cybercrime would cost the world in excess of $6 trillion annually by 2021.

“In light of the ongoing coronavirus (COVID-19) public health pandemic, the consequent increased reliance on information and communication technology (ICT), and with amplified cyberthreats, one could presume that this estimated cost will be surpassed by the end of this year,” he lamented.

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