Global cybercrime costs 400 milliard dollars a year!

An average victim of phishing and data theft loses up to 572 dollars according to experts' study.

According to Center for Strategic and International Studies (CSIS) and McAfee's data, due to cybercrime and cybernetic espionage we loose even upt to 400 milliard dollars a year. In the U.S. Alone the estimated loss caused by cybercrime is 100 milliard dollars which translates to the loss of 500 000 potential workplaces.

For quite a long time experts were trying to procure a reliable estimation of loss caused by cybernetic criminals. The problems connected with the issue are often connected with the inability to present accurate data because banks and companies, in fear of loosing their credibility, are not willing to share these information. Possible loss taken by banks and other financial institutions may reach even hundreds of millions of dollars. Another problem is caused by the difficulty to evaluate the loss of intellectual property theft.

Specialists from McAfee and CSIS have conducted an analysis of available data, taking into account the factors which can help in a reliable evaluation of costs caused by cyber-attacks. They've turned their attention to intellectual property and private data loss, economic information theft, costs of security and insurance policies, loss of reputation and alternative costs, such as disturbances during work.

After taking into account all of these factors, it has been estimated that yearly loss caused by cybercrimes and cybernetic espionage worldwide are between 300 to 400 milliard dollars. In U.S. The overall loss reaches the level of 100 milliard dollars – precisely the amount of money the government spends on research and development. The World Bank estimated that in 2011, the global GDP was 70 billion dollars. The loss connected with the attacks on the internet make up for a very small, but constantly growing part of world's economy. Surely, the problem cannot be disregarded – comments Cezary Piekarski, Senior Manager of Risk Management Department in Deloitte.

Experts compare the risk concerning the technological department, including the cybernetic crime, with a growing number of car accidents caused by an increasing number of car users.

According to the analysis conducted by Camebridge University, the identity theft causes an average loss of 572 dollars to the victim.

Specialists also notice that cybernetic attacks put national safety at risk as well as the theft of military technologies may weaken the country's position. What is also important is the cost of lost workplaces caused by financial losses.

These numbers probably do not provide the full picture of cyber-crime. However, there's no doubt that it has an increasing influence on the world's economy. Attacks in the internet decrease the tempo of innovation, disturb the trade and cause significant social costs. Politics and business leaders should take a closer look at this issue to realize that this phenomenon has to be dealt with – sums up Cezary Piekarski.   


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