14 Sep Why Your Online Privacy And Safety Will Be Casualties When We No Longer Use Cash
This week in cybersecurity from the editors at Cybercrime Magazine
–Read the Full MarketWatch Story
Sausalito, Calif. – Sep. 14, 2024
Countries abandoning physical cash entirely, in favor of central bank digital currencies (CBDCs), is not science fiction and those advantages can blind us to the profound implications for privacy and cybercrime that a cashless society will bring.
Cybersecurity Ventures estimates that the global cost of cybercrime will be $9.5 trillion in 2024 and $10.5 trillion in 2025. These figures include not only direct financial losses but also costs related to downtime, lost productivity, and damage to brand reputation.
Sadly, rather than hinder criminals, the complexity of modern digital payment systems provides numerous vulnerabilities for them to exploit.
By 2031, ransomware incidents alone are expected to cost organizations and economies a collective $265 billion annually, according to Cybersecurity Ventures.
A MarketWatch story explores why cash serves as a safeguard of individual freedoms and autonomy against governmental overreach.
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