News

Cyber crime costs $445B annually

Cyber crime costs $445B annually

CYBER SECURITY:he report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation. Photo: clipart.com

LONDON (Reuters) – Cyber crime costs the global economy about $445 billion every year, with the damage to business from the theft of intellectual property exceeding the $160 billion loss to individuals from hacking, according to research published on Monday.

The report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation.

A conservative estimate would be $375 billion in losses, while the maximum could be as much as $575 billion, said the study, sponsored by security software company McAfee.

“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” Jim Lewis of CSIS said in a statement.

“For developed countries, cyber crime has serious implications for employment.”

The world’s biggest economies bore the brunt of the losses, the research found, with the toll on the United States, China, Japan and Germany reaching $200 billion a year in total.

Losses connected to personal information, such as stolen credit card data, was put at up to $150 billion.

About 40 million people in the United States, roughly 15 percent of the population, has had personal information stolen by hackers, it said, while high-profile breaches affected 54 million people in Turkey, 16 million in Germany and more than 20 million in China.

McAfee, owned by Intel Corp, said improved international collaboration was beginning to show results in reducing cyber crime, for example in the takedown last week of a crime ring that infected hundreds of thousands of computers known by the name of its master software, Gameover Zeus.

(Reporting by Paul Sandle; Editing by Pravin Char)

Recent Headlines

in Entertainment

Jamie Foxx to portray Mike Tyson in biopic

Actor Jamie Foxx poses for a portrait at the Crosby Street Hotel, in promotion of his upcoming role in "The Amazing Spider-Man 2," on Sunday, April 27, 2014 in New York.

Jamie Foxx is set to portray boxing legend Mike Tyson in a movie after five years of preparation for the role.

in Music

Toby Keith is highest-paid country star of 2014

Toby Keith performs at ACM Presents an All-Star Salute to the Troops on Monday, April 7, 2014, in Las Vegas.

Toby Keith has raked in $65 million since June, 2013, according to editors of Forbes magazine.

in Entertainment

Kiefer Sutherland confused by Freddie Prinze, Jr. blast

Prinze Jr Sutherland

Kiefer Sutherland has been left baffled by former 24 co-star Freddie Prinze, Jr.'s public attack on the star's professionalism.

in Music

Brad Paisley leaks song against record label’s wishes

Singer-songwriter Brad Paisley performs in concert during his Country Nation World Tour 2014 at Merriweather Post Pavilion on Thursday, June 12, 2014, in Columbia, Md.

Brad Paisley has come under fire from executives at his record label after leaking a preview of the songs from his new album.

in Viral Videos

Mini Dominoes break World Record

Mini Dominoes

The challenge gets bigger as the Dominoes get smaller!