Global damage from cyberattacks up to $1 trillion every year

Posted: July 23, 2013 in IT Security News
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McAfee logoThis amount is approximate, since companies often do not report the true amount of the loss, and some are not aware of sophisticated attacks.

McAfee and the Center for Strategic and International Studies (CSIS) submitted a joint report entitled «The Economic Impact of Cybercrime and Cyber ​​Espionage», the main theme of which is the impact of cyber crime to the global economy.

If before the damage from the global cybercrime is $1 trillion, now security experts believe that this figure year on year is between $300 billion and $1trillion. According to experts, these amounts are approximate, since companies often do not report the true amount of the loss, and some did not know about the attacks perpetrated on them.

In the report, researchers analyzed the loss in categories such as loss of intellectual property, cybercrime, loss of business information, failures in service, the cost of providing network security, as well as damage to the reputation of the company.

“We use several analogies, where the damage is already calculated for understanding the extent of the problem, which allows us to set limits – upper and lower – for damage caused by malicious cyber activities” – the document says.

Security experts report that annual losses from cybercrime is for U.S. $ 24-120 billion, equivalent to 0.2-0.8% of GDP.

Malicious Cyber Activity

Putting Malicious Cyber Activity in Context

“The damage from cyber crime and cyber espionage every year billions of dollars. The dollar amount, though large, may not show the full damage to the world economy “, – summed up the authors.

A more detailed MacAfee and CSIS report can be found here.

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