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 Music

CHART TOPPERS: This week’s top rock tracks

godsmack

LISTEN: This week's top rock tracks, according to the latest Billboard charts.

in Music

Robert Plant urges Jimmy Page to give up Led Zeppelin reunion

2012 Kennedy Center Honorees and members of the band Led Zeppelin, from left, Jimmy Page, John Paul Jones, and Robert Plant chat on the red carpet after arriving at the Kennedy Center for the Performing Arts for the 2012 Kennedy Center Honors Performance and Gala Sunday, Dec. 2, 2012 at the State Department in Washington.

Robert Plant has urged his former Led Zeppelin bandmate Jimmy Page to end his war of words with the singer and concentrate on recording new music.

in Weird

Groom turns canceled wedding into charity benefit

Groom

A Pittsburgh man whose wedding was called off is making the best of the situation. Instead of getting married he's raising thousands for charity.

in Weird

From Texas, where everything is bigger, the 99-pack of beer

99beers

Invite the whole neighborhood to your cookout, because you're going to have plenty of beer.

in Weird

Australian farmers could have world’s woolliest sheep

Six-year-old Shaun the merino sheep may be the world's woolliest sheep. He had likely never been shorn in his life, but was due to have a date with the clippers in the next few days, farmers said.

Shaun the sheep was found wandering the Australian countryside with what is estimated to be a 55 lb coat.