Cybercrime costs unreasonable for the global economy

July 23, 2013 13:48
Cybercrime costs unreasonable for the global economy

A study released on Monday brought into prominence that cybercrime undergoes expenditure for the global economy between US$100 billion and US$500 billion (S$127 billion and S$633 billion) annually. The study known to have acknowledged more data is needed for precise calculation. The study by the security firm McAfee along with the Center for Strategic and International Studies (CSIS) said the United States (US) economy suffer the deprivation of nearly US$100 billion to cybercrime and cyber espionage that also includes loss of key business data as well as intellectual property.

The approximate judgment is lower than some premature reports which put the costs as high as US$1 trillion, yet study authors said it was a matter of limiting the range of damage from cyber attacks. Mr James Lewis, a CSIS scholar on cybersecurity and co-author of the report said that it will always be a range and that the data is either thinly scattered otherwise deformed.

That's really senseless yet that's the truth!

(AW:Samrat Biswas)

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