Security News > 2020 > December > How cybercrime will cost the world $1 trillion this year
2020-12-07 19:50
As individuals and organizations alike face cyberattacks on a regular basis, cybercrime enacts a huge financial toll around the world.
In a new report released Monday, McAfee reveals the costs of cybercrime and offers advice on how to better protect your organization.
Add in the $145 billion expected to be spent on cybersecurity, and this type of crime will cost the world economy $1 trillion this year.
First, the actual reporting of the financial effects of cybercrime has improved as more countries and organizations are reporting such crimes.
Communication of a cyber incident across an organization and the different relevant stakeholders is necessary if all the affected parties are to know what to expect and how to respond.