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.

About the author
 

Join the discussion

Conversation powered by Livefyre

Show Comments Hide Comments
Latest Galleries from CNET
Best cameras for foodie photographers (pictures)
10 mobile gadgets gone gonzo (pictures)
Apple in 2014: iPhone 6, iCloud hack, Beats and more (pictures)
The 12 most distinctive phones of 2014 (pictures)
Best mobile games of 2014
Nissan gives new Murano bold style (pictures)