Funding the War on Cybercrime

Instant communication and other technological developments created a new world in the 20th century, one that became more connected and dependent on technology as the pace of change grew ever faster.

This century is another very different age, but the public’s mood about technology has altered. Analysts estimate that cybercrime overall caused approximately $3 trillion in damages in 2015. A report from Cybersecurity Ventures says the sum will jump to $6 trillion in 2021.

“What can we do?” asks NYIT President Edward Guiliano, Ph.D., in an op-ed in The Huffington Post.

In response, he says that:

• First, the world must train more cybersecurity professionals.
• Second, we need better education for the public. Universities will help keep people informed as digital threats mutate.
• Third, we must encourage those who can to fund the technology to thwart cybercrime.

“Universities helped create the Internet itself, so it’s no surprise they are the innovators in cybersecurity research and education,” Guiliano writes, adding, “At NYIT, we’ve been advancing the field for the past 10 years and hosting conferences for seven, including one this week, to bring together foremost experts to spur dialogue and find solutions to cybersecurity challenges.”

The United States spent more than a trillion dollars on the War on Drugs. The War in Iraq has cost perhaps four trillion total, so far. That kind of funding to end cybercrime would more than pay for itself. President Obama recently asked Congress for $19 billion to secure the government. We’ll need much more to secure the Internet, Guiliano concludes.

Read President Guiliano’s entire op-ed on The Huffington Post.

This op-ed is part of an NYIT thought-leadership campaign designed to help generate awareness and build reputation for the university on topics of national relevance. Read more op-eds by NYIT experts.