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A new study from the World Economic Forum and McKinsey & Company has found the lack of cybersecurity measures and increasing complexity of cyberattacks can hamper development and cost the global economy about $3 trillion by 2020, ZeeBiz.com reported Monday.
The “Risk and Responsibility in a Hyperconnected World” report tapped more than 300 executives, civil society and government officials from around the world and discovered the need to boost protection of online activity and data to help guard innovation, the report said.
“If attacker sophistication outpaces defender capabilities—resulting in more destructive attacks—a wave of new regulations and corporate policies could slow innovation, with an aggregate impact of approximately $3 trillion by 2020,” according to the report.
The study also found that big organizations need more information to deploy proper cybersecurity measures and those with existing cyber risk management measures are still in the development stage.
