The Internet is a safer place for you and area businesses after the bipartisan Cyberspace Solarium Commission expired last week after two-and-a-half years of work. Cybersecurity Ventures predicts cybercrime costs will reach $10.5 trillion annually by 2025, up from $6 trillion in 2021 and $3 trillion in 2015.
Chaired by Independent Senator Angus King and Republican Rep. Mike Gallagher, the commission made dozens of recommendations and Legislative proposals to be taken up by Congress. Their work created the Office of the National Cyber Director and established a Cyber Response and Recovery Fund. Gallagher says the threats are still growing from countries like Russia and China, but they are off to a good start to protect the United States' economic interests online.
Even though the commission has disbanded, Gallagher says he will team up with King to form a "Solarium 2.0" to bring up some of the recommendations that have not been implemented yet.
Businesses are starting to take action on their own through cyber insurance. The consulting group MarketsandMarkets expects the cyber insurance market to grow from $7.8 billion in 2020 to $20.4 billion by 2025.
