Cybercrime costing global economy up to $450 billion each year: Report

U.S.-based consulting firm Hamilton Place Strategies L.L.C. has said in a report that cybercrime is costing the global economy up to $450 billion each year, reports We Live Security.

The average cost of cybercrime has increased by roughly 200% in the past five years, the report said.

The report found that the reputational damage from the cyber attacks can significantly affect a business' bottom line.

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