Real-world losses due to cybercrime add up to between $100 billion and $500 billion globally, and more than 500,000 jobs in the U.S.
Alone, according to report commissioned by McAfee.
July 23, 2013 8:57 AM PDT
Cybercrimes cost the global economy up to $500 billion annually, and can potentially result in the loss of 500,000 jobs in the United States alone.
These findings were highlighted in a report released Tuesday by the Center of Strategic and International Studies and commissioned by McAfee.
Aimed at measuring real-world losses from cyberattacks, the center enlisted economists, intellectual property experts, and security researchers to develop the report.
The researchers also based their estimates on comparisons to real-world analogies such as losses in car crashes, piracy, pilferage and crime, and drugs.
The generally accepted range for cybercrime losses to the global economy was between $100 billion and $500 billion, the report noted.
Read more of “Cybercrime can cost economy up to $500B” at ZDNet Asia.