Answer to Question #312700 in English for pawah

Question

Question: Assume an economy has fallen victim to cybercrime, briefly discuss some of the major effects this may have on a given economy.300 word

Answer 1

IP theft and loss of opportunity are two areas of cyber crime damage that are tough to quantify, but we've seen how IP theft and lost opportunities can be fatal for organizations, particularly small and medium-sized ones. The opportunity costs, such as production or service disruptions and a loss of trust in online activities, are increasing. Furthermore, the expense of securing networks, purchasing cyber insurance, and paying for cyber attack recovery is expensive. Finally, the afflicted company's and its brand's reputational damage and lawsuit risk have an impact on the wider economy.