Cybercrime costs the world $US465 billion annually

A new report from Allianz finds that cybercrime costs the world $US465 billion a year – roughly Norway’s GDP. More than half occurs in the 10 largest economies, but the cost to Australia, with a $1.5 trillion GDP, is still over a $1 billion a year. India cyber crime cost is $4bn

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Thanks Satish sir for sharing this.. On reading the report, key take-aways / alarming facts to me were:-

  • Financial losses from cybertheft cause as many as 150,000 Europeans to lose their jobs
  • Studies estimate that the internet economy annually generates between $2 trillion and $3 trillion, a share of the global economy that is expected to grow rapidly. Based on Center for Strategic and International Studies (CSIS) analysis, cybercrime extracts between 15 per cent and 20 per cent of the value created by the internet.
  • The total cost of cyber crime to the UK economy alone was $11.4 billion during 2013, the equivalent to 0.16 per cent of the GDP. Retailers lost more than $850 million during the same period as a result of penalty free financial crime.
  • There are a couple of measures suggested by the report: a mandatory data breach notification law (as in the United States) to force companies to reveal when they are hacked, and a pooling of resources across companies and countries to increase IT security.