Cybercrime makes tech experts cringe always but there are new reasons why everyone who makes use of computers, phones, and the internet to fear as well. Techradar’s website has revealed that the cost of fighting cybercrime is skyrocketing. The cost has reached up to 1 trillion dollars since 2018 and it keeps increasing. Security experts are often on the lookout for new ways to fight cybercrime and online hoodlums.
The latest report by Techradar outlines just how bad things are. If the cost of cybercrime reached a trillion dollars in just two years, the world should be ready to have that same financial cost for cybercrimes in another 365 days!
The monetary loss used to be seen by businesses as necessary investments for big business, as well as for SMEs. If costs keep going on, it becomes alarming as this would eat into annual organizational profits, as it is already doing. However, there are other losses that many experts fail to put into consideration when reporting cybercrime damage each year.
Corporate bodies have started reporting other aspects of damages such as those outlined in a McAfee report- downtime, reduced efficiency, and response costs. This is not to mention the damage that could have been done to a brand which many people respected or held dear. Companies even had to take the pain of hiring outside experts to help fight another incident after one has occurred in an establishment.
One concern on the mind of cybercrime experts is the failure of business to mount defenses before an attack takes place. Most companies confessed that they don’t have what it takes to prevent or counter an attack if it ever happens. Cybercrime has led to reduced productivity and lost work hours, yet most companies take the news of the widespread cyber attacks with a pinch of salt.
For companies to avoid the loss associated with cybercrime, they need to take basic security measures, train staff, and encourage transparency in the workplace.
