CYBERCRIME NOW COSTS THE GLOBAL ECONOMY MORE THAN USD1 TRILLION A YEAR, SAYS REPORT
December 2nd, 2020
Cybercrime costs the world economy more than USD1 trillion, or just over 1% of global GDP, according to the latest joint report from US anti-virus vendor McAfee and the Washington DC-based Center for Strategic and International Studies (CSIS). This is up more than 50% from their 2018 study that put global losses at close to USD600 billion. ‘The Hidden Costs of Cybercrime’ (1) focuses not only on the significant financial impact of a cyber-attack, but also unseen effects that 92% of companies hit by cyberattacks had experienced from unplanned downtime, the ...
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