Cybercrime costs the world economy more than $1 trillion; up 50% since 2018: report

Increasing cybercrime costs the world economy more than $1 trillion, or just more than one percent of global GDP, a report has found.

This number is up more than 50% from a 2018 study that put global losses at close to $600 billion, said cybersecurity firm McAfee in a report titled The Hidden Costs of Cybercrime. It added that close to 92% of the companies which were targets of cybercrime felt effects beyond monetary losses.