Bank of America Global Research delivered a comprehensive “state of the world” research paper outlining the predictions that the next five years will hold for the state of the economy across the globe.
GOBankingRates combed through the report to highlight five insights that could hit the U.S. economy and your wallet by 2030.
The BofA report cites Cybersecurity Ventures, who predicts that cybercrime — such as hacking, fake videos, and stealing personal data — is expected to cost the world $10.5 trillion annually by 2025. And with the exponential rise of AI deep fake videos and phone calls, these crimes will become more effective and harder to stop.
This rise in online threats will cause both businesses and governments to spend much more on cybersecurity (especially in the U.S.) in areas like banking, defense, and infrastructure. This could increase profits for security companies and open the door to online security innovation.
Online risks will drag down growth unless security spending keeps up, according to BofA, but cybersecurity itself could end up becoming its own business sector.
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