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Cybercrime could cost the world almost $1 trillion in 2020, McAfee says

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The annual international cost of cybercrime this 12 months is estimated to be round $945 billion, which is greater than 1% of the international gross home product (GDP).

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Cybercrime incidents could cost the world almost a trillion {dollars} in 2020, a 50% leap from round $600 billion in 2018.

The annual international cost of cybercrime this 12 months is estimated to be round $945 billion, which is greater than 1% of the international gross home product (GDP), in accordance with a latest international report by McAfee titled ‘The Hidden Costs of Cybercrime’.

It additionally famous that international spending on cybersecurity is anticipated to exceed $145 billion this 12 months.

Nearly two-thirds of the corporations surveyed reported some type of cyber incident in 2019. The most typical cyber frauds embody financial espionage, mental property (IP) theft and ransomware assaults. IP theft and monetary crime account for at the least 75% of the complete cyber losses and pose the biggest risk to corporations, the cybersecurity agency famous.

Also learn | Festival season on-line buying creates good storm for cybercrime, McAfee says

A survey of 1,500 IT managers and different organisational decision-makers round the globe revealed that cybercrimes additionally led to longer restoration intervals and decreased effectivity. A 3rd of respondents said that IT safety incidents, ensuing in system downtime, cost them as much as $500,000.

Average interruption of operations was about 18 hours. Rehabilitating the exterior picture of the model after a cyberattack additionally shaped part of the total cost, corporations stated.

More than half corporations are unprepared to face cyberattacks, the report said. This makes corporations susceptible to classy social engineering techniques and the incapability to curb injury as soon as the safety has been compromised.

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