$375 billion?it's more than the GDP of some small countries. That's how much is being siphoned off from unknowing companies and their victimized customers. How much of that was taken from your company and customers?
McAfee's 2014 paper "Net Losses: Estimating the Global Cost of Cybercrime" estimates that a minimum of $375 billion, and perhaps as much as $575 billion, is lost to cybercrime annually. Businesses suffer tremendously from cybercrime. There is, of course, the obligatory, but usually temporary, decrease in the company's stock price once the public is made aware of the breach. Far worse, though, the corporation's most precious possession, its reputation, sustains a shock from which it may never fully recover. And companies may face increased liability and lawsuits over a lack of due diligence.
Now, as more devices are connected online, companies are being exposed to crime in novel, expensive ways. Many industry leaders in the tech industry recognize the importance of security as the Internet of Things (IoT) expands.