Cybercrime Cost $600 Billion and Targets Banks First
A new report says that cybercrime costs businesses close to $600 billion, or 0.8 percent of global GDP, which is up from a 2014 study that put global losses at about $445 billion.
The Economic Impact of Cybercrime – No Slowing Down report from McAfee in partnership with the Center for Strategic and International Studies (CSIS), attributes the growth over three years to cybercriminals quickly adopting new technologies, the ease of engaging in cybercrime – including an expanding number of cybercrime centers – and the growing financial sophistication of top-tier cybercriminals.