The annual cost of cyber crime is now equivalent to nearly one percent of global GDP, and is affecting job creation and economic growth, according to a report from McAfee and the Center for Strategic and International Studies. The report estimates that the cost to the global economy each year is now as high as $600bn, a marked increase on the $445bn estimate given in a 2014 study. The rise is attributed to such factors as the quick uptake of new technology by cyber criminals, as well as poor cybersecurity in some parts of the world where internet use is increasing.
The annual cost of cyber crime is now equivalent to almost 1% of global GDP, and is affecting job creation and economic growth, according to a report from McAfee and the Center for Strategic and International Studies. The report estimates that the cost to the global economy each year is now as high as $600bn, a marked increase on the $445bn estimate given in a 2014 study. The rise is attributed to such factors as the quick uptake of new technology by cyber criminals, as well as poor cybersecurity in some parts of the world where internet use is increasing.