Cyber Criminals Defrauded the Worldwide Economy of $1 Trillion in 2018 Alone

Cyber-Crime Cost the Global Economy $1 Trillion in 2018

Credit: EC-Council

Cyber-crime is responsible for stealing $1 trillion worth of the global GDP and over half of companies don’t even have a plan to prevent it…

The most recent research from cyber-security firm McAffee reveals just how much cyber-crime has actually cost the global community. Turns out, the figure tops the entire gross domestic product of several countries and accounts for more than half of two of the top ten in the world. Unfortunately, the same survey found that over half of corporations around the planet aren’t prepared for such events.

Cyber-Crime Cost the Global Economy $1 Trillion in 2018

McAffee’s The Hidden Cost of Cybercrime report shows that such illegal activity cost the worldwide economy $1 trillion in 2018. That works out to slightly more than 1% of the global gross domestic product or GDP. Worse still, according to an accompanying survey, 92% of companies felt effects beyond monetary losses when hit by a cyber-attack. Moreover, 56% of the organizations included in the McAffee study reveal they don’t have plans to prevent or respond to cyber-incidents.

Those hidden costs — which exclude monetary losses — include system downtime, reduced efficiency, incident response costs, as well as damage to their reputation and reduced public trust. Many of these extra expenses have long-lasting impacts, which can easily drag on for years.

To put the raw numbers in context, a $1 trillion loss in global GDP is more than half of the GDP of Canada ($1.71 trillion), and Brazil alike ($1.87 trillion). 

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