The global economic impact of cyber crime has risen 20 percent in the past five years to an estimated $A852 billion, according to well-known cybersecurity company McAfee.
That means the cost of cyber crime across the world is higher than the gross domestic product of nearly 92 percent of the world’s countries — only 17 have a higher GDP.
McAfee says that while cyber crime still trails behind government corruption and narcotics trafficking in terms of economic impact, it is unparalleled when it comes to personal impact.
“Cyber crime has the ability to make hundreds of millions of people victims,” the report says.
“A good estimate is that two-thirds of the people online — more than two billion individuals — have had their personal information stolen or compromised. Cybercrime is front-page news because it touches everyone.”
The increase is being led by the savviness of cyber criminals, with McAfee citing an increase in online users, an expanding number of cyber crime ‘hubs’ and even the advent of what it calls “Cybercrime-as-a-Service” — “a business with flourishing markets offering a range of tools and services for the criminally inclined”.
While the statistics are eye-watering, it is creating opportunity for innovate cybersecurity companies, such as Australian small cap tech stock archTIS (ASX:AR9), which specialises in the design and development of products, solutions and services for secure information sharing and collaboration, designed to discourage cyber criminals.
This content is produced by Star Investing in commercial partnership with archTIS. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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