"Cybercrime Has Cost Us Over $1 Trillion Globally"

According to McAfee's report, titled "The Hidden Costs of Cybercrime," the estimated global cost of cybercrime has increased more than $1 trillion since 2018. Although the monetary impact is significant, over 90% of companies have seen effects that are beyond financial losses when faced by a cyberattack. These hidden costs include system downtime, reduced efficiency, and reputational damage. Despite the increased awareness of cybercrimes, many organizations remain unprepared to handle cyber incidents. McAfee's report indicates that more than 50% of organizations surveyed have not implemented cyber incident prevention and response plans. This article continues to discuss key findings from McAfee's report on the costs of cybercrime to businesses.

TechRadar reports "Cybercrime Has Cost Us Over $1 Trillion Globally"