The year that lost 1% of global GDP to cybercrime
The HinduThe year 2020 was largely about COVID-19, both online and offline. In its report titled, ‘The Hidden Costs of Cybercrime’, the firm said that the annual cost of cybercrime this year would be more than 1% of the global gross domestic product. The shift in moving in-person meetings to online video-conferencing calls was effectively used by cybercriminals to launch attacks like crashing of private video calls and baiting users with malicious domains. According to Trend Micro’s mid-year cybersecurity report, there was a significant increase in inbound attacks as well as attacks on devices and routers in the first half of 2020. Big Basket data breach : In November, online grocery firm Big Basket’s systems were hacked and almost 20 million users’ data was leaked.
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