That’s the main message from former U.S. intelligence officials, who in a report today outlined scenarios for how $445 billion a year in trade theft due to computer hackers will worsen. They warned that financial companies, retailers and energy companies are at risk from thieves who are becoming more sophisticated at pilfering data from their servers.The outlook “is increased losses and slower growth,” with no “credible scenario in which cybercrime losses diminish,” according to the report published by the Washington-based Center for Strategic and International Studies. Some of the damage will be hard to trace, such as economic downturns caused by foreign competitors selling products based on stolen designs and financial markets undermined by hackers.
http://www.bloomberg.com/news/2014-06-09/cybercrime-remains-growth-industry-with-445-billion-lost.htmlAlso see:Also see:Worldwide Cost of Cybercrime Estimated at $400 Billion
Experts with the Center for Strategic and International Studies, McAfee look at data loss figures and information from economists and intellectual property experts to come up with the figure.http://www.darkreading.com/worldwide-cost-of-cybercrime-estimated-at-$400-billion/d/d-id/1269527Report: Cybercrime and espionage costs $445 billion annually
A Washington think tank has estimated the likely annual cost of cybercrime and economic espionage to the world economy at more than $445 billion — or almost 1 percent of global income.The estimate by the Center for Strategic and International Studies is lower than the eye-popping $1 trillion figure cited by President Obama, but it nonetheless puts cybercrime in the ranks of drug trafficking in terms of worldwide economic harm.
www.washingtonpost.com/world/national-security/report-cybercrime-and-espionage-costs-445-billion-annually/2014/06/09/8995291c-ecce-11e3-9f5c-9075d5508f0a_story.htmlCybercrime losses top $400 billion worldwide, study claims [IDG]
Computer-related crimes may cause as much as US$400 billion in losses annually, according to a new study that acknowledges the difficulty in estimating damages from such acts, most of which go unreported.
http://www.computerworld.co.nz/article/547158/cybercrime_losses_top_400_billion_worldwide_study_claims/