Cybersecurity: The hidden costs of cybercrime

A new MCAfee global report titled “The Hidden Costs of Cybercrime,” conducted in partnership with the Center for Strategic and International Studies (CSIS), said that cybercrime costs the world economy more than $1 trillion, or just more than 1% of global GDP, which is up more than 50% from a 2018 study that put global losses at close to $600 billion. Beyond the global figure, the report also explored the damage reported beyond financial losses, finding 92% of companies felt effects beyond monetary losses.