Cybercrime costing economy up to $500B a year, study finds

Real-world losses due to cybercrime add up to between $100 billion and $500 billion globally, and more than 500,000 jobs in the U.S. alone, according to report commissioned by McAfee.

Cybercrimes cost the global economy up to $500 billion annually, and can potentially result in the loss of 500,000 jobs in the United States alone.

These findings were highlighted in a report released Tuesday by the Center of Strategic and International Studies and commissioned by McAfee. Aimed at measuring real-world losses from cyberattacks, the center enlisted economists, intellectual property experts, and security researchers to develop the report. The researchers also based their estimates on comparisons to real-world analogies such as losses in car crashes, piracy, pilferage and crime, and drugs.

The generally accepted range for cybercrime losses to the global economy was between $100 billion and $500 billion, the report noted.

Read more of "Cybercrime can cost economy up to $500B" at ZDNet Asia.

 

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