Why does cybersecurity matter for economic growth and trade? Cybersecurity is critical to maintaining economic and financial stability. At a macro level, the significant cost of recovering from a breach or hack of a Central Bank, Ministry of Finance, or any large commercial bank would cause financial harm to stakeholders ranging from national governments to small businesses and individuals. In a 2019 survey, 300 global CEOs cited the lack of
cybersecurity as the single greatest threat to the global economy over the ensuing decade. Analysis from cybersecurity industry groups suggests that cyber attacks have a great impact on the global economy. According to one estimate, the global cost of cybercrime is estimated to top $8 trillion in 2023. This figure is larger than the national economies of all but two countries—the United States and the People’s Republic of China. And cybercrime is expected to continue to grow unabated over the coming years, with projections as high as $23.84 trillion by 2027.

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