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Cybercrimes cost global economy over USD 945 billion

The most expensive forms of cybercrime, the report said, are economic espionage and theft of intellectual property, financial crime, and ransomware.

Published: 08th December 2020 11:15 AM  |   Last Updated: 08th December 2020 11:15 AM   |  A+A-

Cyber Crime

For representational purposes

By Express News Service

BENGALURU: Cybercrimes are estimated to have drilled a $945 billion hole in the world economy this year, a more than 50 per cent increase from 2018. This is over 1 per cent of global GDP, a report by McAfee said. 

92 per cent of companies which took part in the survey agreed that the damage from cybercrimes went beyond financial losses. “While industry and government are aware of the financial and national security implications of cyber-attacks, unplanned downtime, the cost of investigating breaches and disruption to productivity represent less appreciated high impact costs,” said Steve Grobman, SVP and CTO, McAfee said. 

The most expensive forms of cybercrime, the report said, are economic espionage and theft of intellectual property, financial crime, and ransomware. The most common consequence of experiencing an IT security incident is downtime, during which technology and systems cannot be used at their normal level of functionality. 



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