http://www.networkworld.com/article/2360983/security0/annual-cost-of-cybercrime-hits-near-400-billion.html
By Ellen Messmer
NetworkWorld
June 9, 2014
An estimate of the global cost of cybercrime — losses from cyber-espionage
theft of intellectual property, plus all types of personal and financial
data stolen and dealing with the fallout — is being tabbed at least $400
billion annually, according to the report published today by the Center
for Strategic and International Studies.
In its report “Net Losses: Estimating the Global Cost of Cybercrime,”
Washington, D.C.-based think tank CSIS claims the countries hit most are
the United States, China and Germany based on their overall national
wealth in Gross Domestic Product (GDP). Those three countries together are
estimated to have suffered $200 billion in cybercrime losses on an annual
basis. CSIS acknowledges there’s going to be debate over how to calculate
the cost of cybercrime the way it broadly defines it. But CSIS, whose
research draws largely from the work of economists, argues it could not be
lower than $375 billion and the maximum could actually be $575 billion.
“Even the smallest of these figures is more than the national income of
most countries and governments and companies underestimate how much risk
they face from cybercrime and how quickly this risk can grow,” the report
says.
By coincidence, the CSIS report on the cost of cybercrime comes in the
wake of the U.S. Department of Justice crime charges related to alleged
cybercrime operations in China and Eastern Europe that are accused of
stealing millions of dollars from U.S. businesses through either theft of
trade secrets or outright financial fraud.
[...]
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