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Volume 27, Issue 3

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June 12, 2014

Cybercrime Costs Global Economy Up to $575 Billion

Cybercrime costs the global economy about $445 billion every year, though the damage may be up to $575 billion, according to a new report from the Center for Strategic and International Studies and software company McAfee. Further, the damage to businesses exceeds the $160 billion loss to individuals.

“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” said Jim Lewis of CSIS. “For developed countries, cyber crime has serious implications for employment.”

Indeed, the biggest economies have suffered the most – the losses in the United States, China, Japan and Germany totaled at least $200 billion.

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http://www.riskmanagementmonitor.com/cybercrime-costs-global-economy-up-to-575-billion