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

29 mins ago in Music

Martina McBride cuts her hair for ‘Reckless’

Fresh
24-overlay-7

She says it was no big deal and it was such a great metaphor for the idea of being reckless.

3 hours ago in Entertainment

‘Fast & Furious 8’ revs up for historic Cuba shoot

FastCuba575123770627

Director F. Gary Gray has turned the key on the "Fast 8" production in Havana, making movie history by becoming the first filmmaker to shoot a major Hollywood project in Cuba in over 50 years.

3 hours ago in Entertainment

Sylvester Stallone starring in TV adaptation of ‘Omerta’

stallone95828264444

The "Rocky" star will play mob boss Raymonde Aprile in the series inspired by "The Godfather" author Mario Puzo's book.

4 hours ago in Trending, Viral Videos

TODAY’S MUST SEE: Annoying Windows reminder interrupts live TV

20-overlay-12

Please excuse this interruption ...

8 hours ago in Entertainment

Today in entertainment history: April 29

arethafranklin

A look back on some of Hollywood's most memorable moments.