December 2, 2021
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What is the Economic Impact of Cybercrime?

What is the Economic Impact of Cybercrime?

Ina AponteDecember 2, 2021,

The internet is a vast and growing space with many opportunities for creative expression. However, it also comes with challenges such as cybercrime - the use of computers to commit illegal acts like fraud or trafficking in child pornography, among other things. Cybercrime occurs online through email hacking schemes that lead unsuspecting victims into scams where their private information gets compromised or malware downloads onto your computer without permission, thus compromising security measures on everything from bank accounts to personal photos. 

According to McAfee, Cybercrime is now costing the world economy more than $1 trillion, or just over 1% of global GDP, representing a 50% increase from a report in 2018 that put losses at close to 600 billion dollars! Cybercrime is a growing problem in Europe, with the continent's economic impact at 0.84% compared to North America, which suffers an average cost of only 0.78%. The main drivers behind this increase are easy to access technologies and rapid adoption by cybercriminals combined with expanding numbers across multiple countries that may connect them to high-tier criminals, accounting for increased sophistication in cybercrime.

Theft and financial crimes are on the rise, but businesses still have a chance to protect themselves. Over 75% of cyber-related losses come from IP theft or some other form of financial crime poses for companies' information assets and intellectual property, like trade secrets that give them an edge over competitors in innovation. 

IP theft and loss of opportunity can be the difference between success or failure for an entire company. It is difficult to measure, but we have seen time after time that IP crimes are extremely costly with deadly consequences on small-sized businesses and larger organizations in more ways than one might think--from slower growth rates up to bankruptcy.

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