Global Cybercrime Losses Reach $1 Trillion

Cybercrime is costing the global economy more than $1 trillion, which is approximately 1% of the world’s GDP. Compared to 2018, this figure has increased by more than 50%, according to experts from McAfee.

Analysts also noted that the vast majority of companies (92%) that encountered cybercriminals lost not only money. Steve Grobman, Chief Technology Officer at McAfee, highlighted the ongoing rise in both the frequency and scale of cyberattacks.

“We need to develop a clear understanding of the seriousness of cyber risks, as well as create strategies to prevent and counteract attacks,” the expert explained.

While cybercriminals have shown they can successfully access companies’ intellectual property and financial assets, another resource often overlooked is organizational productivity, which also suffers from such crimes.

According to McAfee’s research, 92% of companies that experienced cyberattacks lost many hours restoring their business processes. Meanwhile, 56% of surveyed business leaders do not have plans in place to prevent or respond to such cyber incidents.