The true cost of cybercrime is difficult to assess accurately. In 2018, McAfee released a report on the economic impact of cybercrime that estimated the likely annual cost to the global economy was nearly $600 billion, up from $45 billion in 2014.
While the financial losses due to cybercrime can be significant, businesses can also suffer other disastrous consequences as a result of criminal cyber attacks, including the following:
- Damage to investor perception after a security breach can cause a drop in the value of a company.
- In addition to potential share price drops, businesses may also face increased costs for borrowing and greater difficulty in raising more capital as a result of a cyber attack.
- Loss of sensitive customer data can result in fines and penalties for companies that have failed to protect their customers' data. Businesses may also be sued over the data breach.
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