Annual Cybercrime Estimates are Nearing $600B

The Center for Strategic and International Studies (CSIS) and McAfee just teamed up to try to peg a number that shows just how much cybercrime is costing the global economy. Accounting for intellectual property losses, online fraud and financial crimes, financial manipulation, opportunity costs, post-breach mitigation, cyber insurance, and reputational damage, the overall estimate adds up to as much as $600 billion. That's a $150 billion increase over 2014, which was the last time CSIS drew up similar estimates.

From the report: "The cost of cybercrime is unevenly distributed among all the countries of the world. CSIS found variations by region, income levels and level of cybersecurity maturity. Unsurprisingly, the richer the country, the greater its loss to cybercrime is likely to be."

Source: Economic Impact of Cybercrime-No Slowing Down