Losses from Cybercrime Are Out of This World

Submitted Wed, 06/11/2014 - 7:51am by BossFrog

Global cybercrime is estimated to cost $400 billion each year, according to a study from Intel’s McAfee security unit in partnership with the Center for Strategic and International Studies.

The researchers used data from about 50 countries, accounting for four-fifths of global incomes.

Nonetheless, the researchers admit that the figure is only a best guess since the majority of computer-related crimes go unreported with companies reluctant to share information when they’ve been hacked.

Another drawback to getting a reliably accurate figure of losses worldwide is that there is still not a consensus yet of what actually constitutes cybercrime.

What McAfee and the CSIS can only say for sure is that the losses will keep growing as more companies move their businesses online.

Another finding that is generally agreed upon is that countries where national income levels are high are more susceptible to these crimes, meaning the U.S. suffers the highest amount of losses compared to the rest of the world.