Expert Reaction On Cybercrime Cost The World Economy More Than $1 Trillion In 2020

By   ISBuzz Team
Writer , Information Security Buzz | Dec 09, 2020 11:24 am PST

McAfee released a new global report titled “The Hidden Costs of Cybercrime,” which focuses on the significant financial and unseen impacts that cybercrime has worldwide. The report, conducted in partnership with the Center for Strategic and International Studies (CSIS), concludes that cybercrime costs the world economy more than $1 trillion, or just more than one percent of global GDP, which is up more than 50 percent from a 2018 study that put global losses at close to $600 billion.

Notify of
1 Expert Comment
Oldest Most Voted
Inline Feedbacks
View all comments
Andy Renshaw
Andy Renshaw , VP of Payments Strategy & Solutions
December 9, 2020 7:30 pm

The McAfee report findings are hardly surprising given the current economic situation. Businesses and consumers alike are digitising the way they conduct business day to day and cybercriminals are well poised to take advantage of this. In fact, our own Financial Crime Report ( from Q4 showed that globally, card fraud rate increased by 61% from what it had been the six months preceding the Coronavirus outbreak. In addition, the card cloning fraud rate increased by 34%. Knowledge and speed across business sectors and financial institutions are essential to reduce cybercrime and make threat actors\’ attempts unprofitable – which ultimately is the best deterrent.

Last edited 3 years ago by Andy Renshaw

Recent Posts

Would love your thoughts, please comment.x