Skip to content

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.

Posted in

Alastair Tempest

Leave a Comment





Become a member

Join the Ecommerce Forum South Africa and benefit from industry insights in South Africa and Africa.

Sign up to newsletter

Sign up to our newsletter and stay informed of the progress we are making at the Ecommerce Forum South Africa with government during Coronavirus.