- Dec 30, 2012
- 4,809
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.
A new analysis out today found that the global impact of cybercrime adds up to amounts larger than those of the national income in many countries, coming to an estimated total of more than $400 billion. Compiled by the Center for Strategic International Studies (CSIS) on behalf of McAfee with the help of a team of economists and intellectual property experts, the report, "Net Losses: Estimating The Global Cost Of Cybercrime," found that the cost of cybercrime to the US economy alone equaled approximately $100.4 billion, or 0.64% of the US gross domestic product.
These figures are far larger than other estimates, such as the FBI Internet Crime Complaint Center report on 2013 incidents, which pegged US losses at $781.8 million. However, the CSIS report's authors wrote that their goal was to move beyond material losses and recovery costs directly related to breach incidents and broaden the scope to economic impact from impeded innovation due to intellectual property theft and other long-term opportunity costs. "Cybercrime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors."
More
A new analysis out today found that the global impact of cybercrime adds up to amounts larger than those of the national income in many countries, coming to an estimated total of more than $400 billion. Compiled by the Center for Strategic International Studies (CSIS) on behalf of McAfee with the help of a team of economists and intellectual property experts, the report, "Net Losses: Estimating The Global Cost Of Cybercrime," found that the cost of cybercrime to the US economy alone equaled approximately $100.4 billion, or 0.64% of the US gross domestic product.
These figures are far larger than other estimates, such as the FBI Internet Crime Complaint Center report on 2013 incidents, which pegged US losses at $781.8 million. However, the CSIS report's authors wrote that their goal was to move beyond material losses and recovery costs directly related to breach incidents and broaden the scope to economic impact from impeded innovation due to intellectual property theft and other long-term opportunity costs. "Cybercrime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors."
More
