Annual global cyber losses are expected to hit US$6 trillion by 2021, with cybersecurity spending projected to exceed a total of US$1 trillion for the five years leading up to 2021, according to a new report from Aon quoting statistics from Cybersecurity Ventures.
While the immediate costs of a cyberattack can be significant, Aon’s report suggested that damage to a business’s reputation could cost just as much or even more in the long term.
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