Cybercrime the biggest risk to businesses in 2023, ahead of supply issues and inflation CanadiansInvest
LONDON – For years, cybercrime has been one of the biggest risks to businesses, compromising sensitive data and causing brutal financial losses to companies worldwide. Despite many headwinds and challenges the business sector faces in 2023, cybercrime remains the number one threat.with a 34% share among respondents, cybercrime is the biggest risk to businesses in 2023, ahead of supply issues and inflation.Companies and organizations worldwide are losing billions due to cybercrime each year.
Business interruption or supply chain disruption is the second-largest threat this year, with a 34% share among respondents. Macroeconomic development, including inflation, deflation and monetary policies, climbed five spots and became the third-largest risk for businesses with a 25% share, up from 11% a year ago.
In just three years, between 2016 and 2019, global cybercrime cost nearly doubled and hit $1.16trn. These costs include stolen money, damage and destruction of data, lost productivity, stealing of intellectual property, theft of personal or financial data, post-attack disruption to the ordinary course of business, restoration, and deletion of hacked data and systems, and reputational harm.
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