Global cybercrime losses to exceed $1 trillion, says McAfee report
By MYBRANDBOOK
McAfee released a new global report titled “The Hidden Costs of Cybercrime,” that focuses on the significant financial and unseen worldwide impacts of cybercrime. The report, 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.
The report, beyond the global figure, also explored the damage reported beyond financial losses, finding 92 percent of companies felt effects beyond monetary losses.
“The severity and frequency of cyberattacks on businesses continues to rise as techniques evolve, new technologies broaden the threat surface, and the nature of work expands into home and remote environments” said Steve Grobman, SVP and CTO at McAfee.
“While industry and government are aware of the financial and national security implications of cyber-attacks, unplanned downtime, the cost of investigating breaches and disruption to productivity represent less appreciated high impact costs. We need a greater understanding of the comprehensive impact of cyber risk and effective plans in place to respond and prevent cyber incidents given the 100s of billions of dollars of global financial impact.”
The report concludes with key ways for businesses to deal with cybercrime. These include uniform implementation of basic security measures, increased transparency by organizations and governments, standardization and coordination of cybersecurity requirements, providing cybersecurity awareness training for employees, and developing prevention and response plans.
BREAKING NEWS
TECHNO TRENDS
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Autodesk investing in emerging Design & Make technologies to d
Autodesk partners with leading companies in a variety of industries, includ
Check Point takes pride in providing customers with the best c
Check Point has categorized its 80 products and technologies into four main
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
WIPRO LTD.
HAVELLS INDIA LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
HP INDIA SALES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
Technology Icons Of India 2023: Rajeev Chandrasekhar
Rajeev Chandrasekhar is the Union Minister of State for Electronics an...
Technology Icons Of India 2023: B.V.R. Subrahmanyam
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He is a 1987-batch IAS ...
PARTNER SPEAKERS
PSU
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
VIDEOS
Top 25 Brands
Value-Added Distribution
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
