Beautiful Virgin Islands

Wednesday, Aug 27, 2025

Cybercrimes Cost Global GDP $1tn in 2020, Most Firms Have No Prevention Plans For Hacks, Report Says

Cybercrimes Cost Global GDP $1tn in 2020, Most Firms Have No Prevention Plans For Hacks, Report Says

The findings come amid a series of cyber attacks on key global firms, leading to millions of dollars in damages and sparking numerous investigations.

Cybercrime has cost the global economy over $1tn USD in 2020, or 1 percent total global gross domestic product (GDP), a shock report from Atlas VPN revealed on Monday as reported by Techradar.

According to the findings, global GDP lost $945bn in 2020 due to cybersecurity breaches along with an additional $145bn to boost cybersecurity efforts, a 50 percent jump compared $600bn in 2018.

Organisations were also highly underprepared against cybercriminals, adding on in five firms had no prevention plans, the report said, citing data from a McAfee report published in December 2020.

Japanese firms were the worst at preventing cybercrime, with only 4 percent of organisations having planning against attacks.

“No organization is completely immune to cyberattacks, while their consequences can be devastating. Therefore, both preventive and reactive cybersecurity strategies are essential if a company wants to mitigate cybercrime risks. Having an action plan should your organization get hacked is just as important as safeguarding it against such threats,” Rachel Welch, chief operating officer at Atlas VPN said in a statement.

The report comes after US telco Verizon found that cybercriminals were motivated by financial gain rather than espionage in 2019, citing analyses of over 32,000 security breaches and nearly 4,000 confirmed attacks in 81 countries.

International police coordination agency Interpol also warned in December last year that organised criminals may sell fake COVID-19 vaccines amid the ongoing pandemic, leading to further disruptions in vaccine supply chains.

Software information and technology (IT) firm SolarWinds was also hit by a major malware attack in the same period, exposing personal data from firms and government agencies globally due to vulnerabilities in the company's Orion platform.

The leaks compromised data from the US Department of Justice, Microsoft, Cisco, Nvidia and Deloitte, among others, and was blamed on "likely Russian" cybercriminals, without going into further detail.

UK carrier British Airways (BA) was also hit with a massive security breach in 2018, leading to a nearly £3bn customer settlement order after regulators slapped the airline with a £20m penalty for violating GDPR rules.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×