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)

Latest Headlines

8 hours ago in Viral Videos

The cicadas are coming …

24-overlay

Billions of cicadas will soon emerge after spending 17 years underground and they have a lot of catching up to do.

8 hours ago in Entertainment

Too much ice in your Starbucks?

starbucks265305906988

A federal lawsuit claims Starbucks regularly overfills its cold drinks with ice instead of using the advertised amount of coffee or other liquid in its plastic cups.

13 hours ago in Sports, Viral Videos

It’s not ‘Regulators:’ Warren G butchers ‘Ball Game’

20-overlay-1

WATCH: The rapper messed up the first line and sang off-key.

15 hours ago in Lifestyle

Monkey bars alert: Playground concussions are on the rise

monkeybarsCLIPART

Researchers say concussions and traumatic bran injuries are on the rise on playgrounds across America.

16 hours ago in Music

Radiohead shut down social media accounts

thomyorke

The "High & Dry" stars deleted all of their postings from their Facebook and Twitter accounts and frontman Thom Yorke also wiped his Twitter page clean on Sunday.