Cybercrime costs global economy $445bn annually: study

June 10, 2014 1:09 am

According to a report by the Centre for Strategic and International Studies (CSIS), cybercrime costs the global economy about $445bn every year, with the damage to business from the theft of intellectual property exceeding the $160bn loss to individuals from hacking, Reuters has reported. A conservative estimate would be $375bn in losses, while the maximum could be as much as $575bn, said the reported, sponsored by security software company McAfee. The world’s biggest economies bore the brunt of the losses, the research found, with the toll on the US, China, Japan and Germany reaching $200bn a year in total.