Cyber crime cost for global economy estimated at $445bn annually

Cyber crime cost for global economy estimated at $445bn annually

PanARMENIAN.Net - The cost of cyber crime for the global economy has been estimated at $445 billion annually, according to the Guardian.

Cyber espionage and stealing individuals' personal information is believed to have affected more than 800 million people during 2013.

Financial losses from cybertheft could cause as many as 150,000 Europeans to lose their jobs, says a report by internet security company McAfee.

Cyber crime damages trade between nations, competitiveness, innovation, and global economic growth, and slows the pace of global innovation.

McAfee is calling for governments to begin a serious, systematic effort to collect and publish data on cybercrime to help countries and companies make better choices about risk and policy.

Studies estimate that the internet economy annually generates between $2 trillion and $3 trillion, a share of the global economy that is expected to grow rapidly. Based on Center for Strategic and International Studies (CSIS) analysis, cybercrime extracts between 15 per cent and 20 per cent of the value created by the internet.

Raj Samani, EMEA Chief Technology Officer for McAfee, agreed. “It is clear that cyber crime has a real and detrimental impact on the global economy. Over time, cyber crime has become a growth industry; the returns are great, and the risks are low,” he said.

"As more businesses move online and more consumers connect to the internet, the opportunities for cybercrime will only grow, making it imperative that countries work together now to proactively tackle cyber crime.”

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