The annual cost of cybercrime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said Wednesday.
A report by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017, and that other attacks such as those involving ransomware are growing at a fast pace.
Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found.
Criminals are using cutting-edge technologies including artificial intelligence and encryption for attacks in cyberspace, with anonymity preserved by using bitcoin or other cryptocurrency, the researchers said.
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