Security News > 2020 > December > Cybercrime costs the world more than $1 trillion, a 50% increase from 2018

Cybercrime costs the world economy more than $1 trillion, or just more than one percent of global GDP, which is up more than 50 percent from a 2018 study that put global losses at close to $600 billion, McAfee reveals.

The theft of intellectual property and monetary assets is damaging, but some of the most overlooked costs of cybercrime come from the damage to company performance.

The survey revealed 92 percent of businesses felt there were other negative effects on their business beyond financial costs and lost work hours after a cyber incident.

Incidence response costs - According to the report, it took an average of 19 hours for most organizations to move from the discovery of an incident to remediation.

Brand and reputation damage - The cost of rehabilitating the external image of the brand, working with outside consultancies to mitigate brand damage, or hiring new employees to prevent against future incidents is part of the cost of cybercrime.

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