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 Local

Deal with 186 Teachers in Reach

Fresh
school board headquarters

Springfield School District teachers have struck a tentative deal on a one-year contract

in Election 2014, Local

Slottag Seeks Ward 8 Seat; Theilen Alleges Political Meddling

Fresh
municipalcenter

A familiar name is running for Springfield City Council.

in Election 2014, Local

Rauner: Quinn Needs Patronage

Bruce Rauner (R), Pat Quinn

Republican governor candidate Bruce Rauner wants everyone hired under patronage rules at the Illinois Department of Transportation, but given non-patronage, work to be fired.

in Local

Medical Examiner: Bel-Aire Owner Likely Died of Natural Causes

BEL-AIRE

The owner of Springfield's Bel-Aire motel likely died of natural causes.

in Local

Nearly 150 People Treated for Carbon Monoxide Exposure at North Mac Intermediate School

medical

Anywhere from 65 to 100 North Mac Middle School students were sent to Springfield hospitals Monday following a carbon monoxide leak.