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

in Sports

Grand jury to weigh case against Stewart in fatal crash

stewart

The case of a fatal dirt-track accident involving the three-time NASCAR champion will be heard by a grand jury.

in National

UPS hiring 95K temp workers for holiday season

ups

UPS is almost doubling the number of seasonal employees for this year's holiday shopping season.

in National, World

Obama to deploy troops as Ebola crisis worsens

ebola

The U.S. announced a ramped-up plan to help tackle the Ebola outbreak, including a major deployment in Liberia.

in Trending, Viral Videos

TODAY’S MUST SEE: Sesame Street’s ‘Star S’mores’ trailer

23-overlay2

Sesame Street has its own take on "Star Wars" and it's adorable, funny, creative ... and makes us want to be a kid again.

in Lifestyle

Urban Outfitters apologizes for Kent State sweatshirt

ksu

The shirt sparked outrage for its blood-red dye and holes, in a look reminiscent of the infamous 1970 campus shootings.