Tuesday, April 23, 2024

Global Cost of Cybercrime in 2020 was Approximately More Than $1 Trillion

A recent study has claimed that cybercrime is having a truly significant impact on the global economy. As per Atlas VPN, when the cumulative cost of cyberattacks is applied to the economic outlay of placing security measures in place, the cost of cybercrime last year totaled more than $1 trillion worldwide.

The shocking figure means that cybercrime is losing about 1 percent of global GDP, as $945 billion was lost as a result of cyberattacks in 2020, with an additional $145 billion spent on cyber security efforts.

Compared to 2018, when just over $600 billion was spent on mitigating cybercrime, these figures represent an increase of more than 50 per cent.

Worryingly, many companies remain underprepared when disasters occur, considering the financial harm caused by cybercrime. Atlas VPN also found that 20 percent of businesses have no plans to protect against cybercrime incidents, with Japanese companies being the worst offenders, with no cybersecurity plans for about 4 percent of organizations in the region.

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