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

Midwestern Economy Down From August

money 20

The Creighton Economic Forecasting Group released the monthly survey of economic indicators throughout the Midwest.

in Local

Minimum Wage Increase Would Affect More Than Minimum Wage Workers

Money Coins

A recent analysis of an increase in the minimum wage finds that workers making more than minimum wage could also see upward pressure on their income.

in Local

South Dakota Infant Death Rate Down in 2013

Pregnant woman

The number of babies that died during their first year of life was down in 2013.

in Local

El Nino Could Mean More Winter Moisture

sd winter

South Dakota State Climatologist Dennis Todey says the coming winter could be a wet one with milder temperatures.

in Local

Changes To Iowa Snap Program

MoneyDollarsCoins

It now costs Iowa grocery stores and other businesses more to accept payments through the federal Supplemental Nutrition Assistance Program.