New Study Estimates that Cybercrime costs over $1 trillion Globally

Last month we reported the passing of the Cybercrime and Cybersecurity Acts in SA. We will be looking at these laws in detail during the next 6 months. Meanwhile McAfee and the Center for Strategic and International Studies (CSIS), have issued a new report which estimates that cybercrime costs the global economy over $1 trillion, that is more than 1% of global GDP. In 2018 it was estimated that global losses were about $600bn. The report,  “The Hidden Costs of Cybercrime,”  examines the financial and unseen impacts that cybercrime has around the world and explores the damage reported beyond financial losses, finding that 92% of companies felt effects beyond monetary losses.