Cybercrime 3rd-largest ‘economy’ sparing no country or enterprise: MTI

Monday, 25 May 2026 01:01 - - {{hitsCtrl.values.hits}}

MTI Consulting CEO Hilmy Cader

Cyber security should be treated as a strategic emergency

MTI Consulting warns that the intensity and sophistication of cybercrime, now supercharged by the pervasive use of Generative AI, is overwhelming governments, enterprises, and consumers worldwide.

This is no longer a localised issue; it is a global phenomenon that demands urgent, strategic, and coordinated action, it added.

“As humans, enterprises, and governments expand their digital transactions, consumption, and screen time, crime inevitably follows. Cybersecurity must therefore be treated as a strategic emergency. Governments and enterprises must urgently scale up investments in cybersecurity infrastructure, adopt holistic technology applications, build institutional capacity, and foster a culture of risk mitigation,” said MTI Consulting.

According to Cybersecurity Ventures, global cybercrime costs are projected to reach $10.5 trillion annually by 2025 — making it the world’s third-largest economy if measured by GDP. This staggering figure underscores the scale of the threat and the need for immediate action.

Sri Lanka is not immune. The Sri Lanka Computer Emergency Readiness Team (SLCERT) continues to report a sharp rise in phishing and ransomware incidents. As Sri Lanka accelerates digital adoption in banking, e-commerce, and government services, the risks of cybercrime grow exponentially.