Cybercrime is costing the global economy up to $450 billion annually, a new report by Hamilton Place Strategies reveals.
The paper, entitled
Cybercrime Costs More Than You Think, opens by stating that: “In an increasingly interconnected world fueled by the expansion of digital technology, cybercrime has become a big business.”
The document finds that the median cost of cybercrime has actually increased by approximately 200% in the last five years alone, and that it is very likely to continue in that vein.
One of the more intriguing revelations was that while cybercrime is often attributed to a significant financial cost, the “reputational damage can be even more impactful to the bottom line”.
The concept of a “ricochet effect” was also revealed, whereby merely sharing an industry with a victim of cybercrime can have a detrimental effect on a business.
