News

Cyber crime costs $445B annually

Cyber crime costs $445B annually

CYBER SECURITY:he report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation. Photo: clipart.com

LONDON (Reuters) – Cyber crime costs the global economy about $445 billion every year, with the damage to business from the theft of intellectual property exceeding the $160 billion loss to individuals from hacking, according to research published on Monday.

The report from the Center for Strategic and International Studies (CSIS) said cyber crime was a growth industry that damaged trade, competitiveness and innovation.

A conservative estimate would be $375 billion in losses, while the maximum could be as much as $575 billion, said the study, sponsored by security software company McAfee.

“Cyber crime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” Jim Lewis of CSIS said in a statement.

“For developed countries, cyber crime has serious implications for employment.”

The world’s biggest economies bore the brunt of the losses, the research found, with the toll on the United States, China, Japan and Germany reaching $200 billion a year in total.

Losses connected to personal information, such as stolen credit card data, was put at up to $150 billion.

About 40 million people in the United States, roughly 15 percent of the population, has had personal information stolen by hackers, it said, while high-profile breaches affected 54 million people in Turkey, 16 million in Germany and more than 20 million in China.

McAfee, owned by Intel Corp, said improved international collaboration was beginning to show results in reducing cyber crime, for example in the takedown last week of a crime ring that infected hundreds of thousands of computers known by the name of its master software, Gameover Zeus.

(Reporting by Paul Sandle; Editing by Pravin Char)

Recent Headlines

in Local Sports

A’s end home skid against King Felix, beat Mariners

Fresh
Oakland Athletics manager Bob Melvin talks with umpires Adam Hamari, left, and Bill Miller, right, after the Texas Rangers' Carlos Corporan was given a base after being hit by a pitch from A's starter Kendall Graveman in the second inning of their baseball game Thursday, April 9, 2015, in Oakland, Calif. Texas won the game 10-1.

The A's only scored twice off Hernandez but peppered him for 10 hits — the most he has allowed this season.

in Sports

Women’s World Cup: England beats Germany to finish 3rd

Fresh
The England women's national team celebrating after beating Germany 1-0 in the 2015 Women's World Cup to earn 3rd place

England's victory over the top-ranked Germans came after a gut-wrenching 2-1 semifinal loss to Japan that was decided on an own goal on Wednesday.

in Sports

Wimbledon: Defending champ Kvitova upset, Federer advances

Petra Kvitova of the Czech Republic makes a return to Kurumi Nara of Japan during their singles match at the All England Lawn Tennis Championships in Wimbledon, London, Thursday July 2, 2015. (AP Photo/Alastair Grant)

Madison Keys and Caroline Wozniacki also posted victories on the women's side.

in Local Sports

Bye bye Blazers: LaMarcus Aldridge chooses the San Antonio Spurs

Portland Trail Blazers power forward LaMarcus Aldridge (12) celebrates after scoring in the second half of an NBA basketball game against the Dallas Mavericks Wednesday, Feb. 6, 2013, in Dallas. The Mavericks won 105-99.

The Dallas native says on Twitter, "I'm happy to say I'm going home to Texas and will be a Spur!! I'm excited to join the team and be close to my family and friends."

in Local Sports

Mears’ first MLS goal lifts Sounders past United, 1-0

Seattle Sounders supporters in a crowd of nearly 40,000 hold up scarves at the start of an an MLS soccer match against the New England Revolution, Sunday, March 8, 2015, in Seattle.

The Sounders (10-7-2) snapped a three-game losing streak and climbed into a tie with Vancouver atop the Western Conference.