The Latest Report from McAfee and CSIS Uncovers the Hidden Costs of Cybercrime Beyond Economic Impact.  The expanding cybercrime incidents now price the planet economy much more than USD 1 trillion, or just much more than 1 particular percent of worldwide GDP, which is up much more than 50 pc from a 2018 report that place worldwide losses at close to USD 600 billion, major cybersecurity firm McAfee revealed on Monday.

Two-thirds of surveyed providers reported some sort of cyber incident in 2019 and the typical price was much more than half a million dollars per incident. IP theft and monetary crime account for at least 75 pc of cyber losses and pose the greatest threat to providers, according to the report carried out in partnership with the Center for Strategic and International Studies (CSIS).

The report. Titled ‘The Hidden Costs of Cybercrime,’ also explored the harm reported beyond monetary losses, revealing that 92 % of companies felt there had been other adverse effects on their small business beyond monetary charges and lost work hours following a cyber incident.

“The severity and frequency of cyber-attacks on businesses continue to rise as techniques evolve, new technologies broaden the threat surface, and the nature of work expands into home and remote environments. We need a greater understanding of the comprehensive impact of cyber risk and effective plans in place to respond and prevent cyber incidents given the 100s of billions of dollars of global financial impact.”  mentioned Steve Grobman, SVP and CTO at McAfee.”

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