http://www.latimes.com/business/technology/la-fi-tn-cybercrime-140-billion-dollars-economy-20130722,0,308705.story
By Paresh Dave
The Los Angeles Times
July 22, 2013
Cyberattacks may be draining as much as $140 billion and half a million
jobs from the U.S. economy each year, according to a new study that
splashes water on a previous estimate of $1 trillion in annual losses.
“That’s our best guess,” said James Andrew Lewis, the director of the
technology and public policy program at the Center for Strategic and
International Studies.
The center completed the study with the help from cybersecurity giant
McAfee and came up with the new figures by relying on models, such as
those used to estimate the economic effects of car crashes and ocean
piracy, instead of surveys of companies.
Four years ago, McAfee and then politicians and other industry leaders
started citing a $1-trillion figure that had been based on surveys. Lewis
called reliance on surveys faulty, and McAfee was quick to say on Monday
that it commissioned the new study to refine the widely cited and
often-criticized tally.
"We believe the CSIS report is the first to use actual economic modeling
to build out the figures for the losses attributable to malicious
cyberactivity," said Mike Fey, executive vice president and chief
technology officer at McAfee.
[...]
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