McAfee has released a new report focused on the cost of cybercrime and its impact on global economies – both the overt costs as well as less obvious losses.
Through their research, McAfee estimates the annual global cost of cybercrime at around $945 billion, or just over 1% of global GDP. Add this to global spending on cybersecurity, expected to exceed $145 billion in 2020, and cybercrime is now a trillion dollar drag on the global economy. The research was conducted through a partnership with The Center for Strategic and International Studies (CSIS) and survey of 1,500 global IT decision-makers.
However, 90% of companies reported hidden costs that went beyond monetary losses — including major reductions in productivity and lost work hours:
· The cost of downtime: The time during which technology and systems cannot be used at their normal level of functionality, with the average cost to organisations from their longest amount of downtime being $762,231.
· Lost work hours: Organisations lost, on average, 9 work hours when experiencing the downtime.
· Additional hidden costs: McAfee was able to pinpoint costs of cybercrime beyond the ransom; including everything from setting up new systems, to litigation, to cyber risk insurance, incident response team costs and more.
The full report can be found here: https://www.mcafee.com/enterprise/en-us/assets/reports/rp-hidden-costs-of-cybercrime.pdf
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