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Worldwide Cost of Cybercrime Estimated at $400 Billion
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TejGandhi1986
TejGandhi1986,
User Rank: Apprentice
6/12/2014 | 8:14:54 PM
Information Security Awareness
The high impact of information security breach is obvious however still it is observed that the awaress regarding information security is not huge.Investment in information security can increase multifold as more and more companies and people are made aware and more information regarding the adverse effect of breach of information security.

 
Marilyn Cohodas
Marilyn Cohodas,
User Rank: Strategist
6/10/2014 | 4:31:43 PM
Re: The true value of IP / cost of crime
How the actuaries determine the value and risk of stolen IP will definitely be interesting. And we're still in the infancy of cyberinsurance. The Boston  Globe reported this week that the fastest-growing niche in the industry is cyberinsurance. But it's really hard quantifyi losses from attacks, because they are often intangible. Details here if you want to read more.  
securityaffairs
securityaffairs,
User Rank: Ninja
6/10/2014 | 3:56:21 PM
Re: Correlation of Departments
I love this kind of reports that I find very interesting, but I afraid that the real cost is really superior due the difficulties to analyze the overall losses.

 
Sara Peters
Sara Peters,
User Rank: Author
6/10/2014 | 2:12:41 PM
The true value of IP / cost of crime
This is a really excellent point:  "We need to start to change the discussion and figure out what the actual impacts are going to be to the organization. Are they going to have to make layoffs to cover costs? Are the rates of return they expect going to be less because intellectual property is stolen?"  

I wonder if some of this would be covered by cyber insurance...

I also wonder if any organizations adequately consider this stuff when they're doing their risk assessments. It seems like they're getting better at assessing the risk of PII breaches, but not necessarily IP breaches. Maybe I'm wrong?
RetiredUser
RetiredUser,
User Rank: Ninja
6/9/2014 | 6:32:21 PM
More Dedicated Security Professionals
It's a real tragedy that our social progress is hindered time and again due to the cost of crime.  When you look at the US budget applied to war, law enforcement and the private corporate budgets assigned to loss risk management alone, we could likely end world hunger, potentially put a dent in global poverty and put a couple of people out on Mars, to boot.  As I get older (having seen one side of InfoSec and the sheer numbers of eager petty theft cyber criminals out there) I realize more and more that, like local police departments, there is a shortage of talented InfoSec professionals not drawn to the "dark side" of the force.  

Because high tech has so readily become associated with high salaries, it's not always easy to secure permanent talent at a less than bloated salary to do solid, consistent security work, day in and out, like a dedicated police officer who may not make the best money in the world, but has a sense of dedication and honor about the work.  I think more folks like that need to come over to the InfoSec arena and help reduce this terrible debt cybercrime is putting upon us.  Certainly, the Free and Open Source Software communities are doing their share.  But we still need those warriors on the front line who are going to stick to their guns and stand for the right side of the law. 

Honestly, that number makes me a little sick.  What we could be doing with that money toward elevating tech and future opportunities for education...
RyanSepe
RyanSepe,
User Rank: Ninja
6/9/2014 | 4:27:27 PM
Correlation of Departments
Its always beneficial to correlate different departments to support the bigger picture. I like that lawyers and economists were brought in on this report to provide another detriment vector with analysis. I think the fact that this report delineates how many jobs can be lost due to cybercrime estimates makes the threat tangible instead of just another noise statistic. This will hopefully make even the non-infosec/netsec people more aware of the dangers of cybercrime and how it affects all.


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