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Cybercrime costs global economy $600B annually, experts estimate

Experts estimate in a new analysis that cyber crime costs the global economy as much as $600 billion annually, underscoring the massive growth in malicious activity online in recent years.

The report, jointly released Wednesday by U.S.-based cybersecurity firm McAfee and the Center for Strategic and International Studies, follows a series of high-profile breaches and cyberattacks over the past year, including the massive Equifax data breach and global “WannaCry” and “NotPetya” attacks.

The report highlights the increasing threat posed by nation-state hackers and tools like ransomware. 

Its new estimate of annual costs to businesses is a significant increase over the approximately $150 billion that the cybersecurity firm and the think tank arrived at in 2014. 

“We were not expecting as dramatic an increase as we found,” James Lewis, a cybersecurity expert and senior vice president of the Center for Strategic and International Studies, said at an event to release the report on Wednesday. 

The massive growth is

Read more at: http://thehill.com/policy/cybersecurity/374854-cybercrime-costs-global-economy-600-billion-annually-experts-estimate

Cybercrime costs global economy $600 billion annually, experts estimate

Experts estimate in a new analysis that cybercrime costs the global economy as much as $600 billion annually, underscoring the massive growth in malicious activity online in recent years.

The report, jointly released by U.S.-based cybersecurity firm McAfee and the Center for Strategic and International Studies (CSIS) on Wednesday, follows a series of high-profile breaches and cyberattacks over the past year, including the massive Equifax data breach and global “Wanna Cry” and “notPetya” attacks.

The report highlights the increasing threat posed by nation-state hackers and tools like ransomware. 

Its new estimate of annual costs to businesses is a significant increase over the approximately $150 billion that the cybersecurity firm and the think tank arrived at in 2014. 

“We were not expecting as dramatic an increase as we found,” James Lewis, a cybersecurity expert and senior vice president of CSIS, said at an event to release the report on Wednesday. 

The massive growth is largely attributed to

Read more at: http://thehill.com/policy/cybersecurity/374854-cybercrime-costs-global-economy-600-billion-annually-experts-estimate

Global Cyber Crime Costs $600 Billion Annually: Study

Washington:  The annual cost of cyber crime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said Wednesday.

A report by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017, and that other attacks such as those involving ransomware are growing at a fast pace.

Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China is the most active in cyber espionage, the report found.

Criminals are using cutting-edge technologies including artificial intelligence and encryption for attacks in cyberspace, with anonymity preserved by using bitcoin or other cryptocurrency, the researchers said.

“We

Read more at: https://www.ndtv.com/world-news/global-cyber-crime-costs-600-billion-annually-study-1815550

The $600 billion cost of global cyber crime

Cybercrime cash

We all know cyber crime is a major problem, but just how big is its worldwide impact? A new report from McAfee and the Center for Strategic and International Studies (CSIS) reckons it costs businesses almost $600 billion a year or 0.8 percent of global GDP.

Global losses in 2014 were estimated at $445 billion and the report puts the increase down to criminals quickly adopting new technologies, the ease of engaging in cyber crime — including an expanding number of cyber crime centers — and the growing financial sophistication of top-tier criminals.

Banks are still the favored target of cyber criminals, and nation states are the most dangerous source of cyber crime, the report finds. Russia, North Korea and Iran are identified as the most active in hacking financial institutions, while China is the

Read more at: https://betanews.com/2018/02/21/600-billion-global-cyber-crime/

The need for change in cyber insurance

The need for change in cyber insurance

It’s little wonder that cyber insurance is the fasting growing type of coverage. Not only are cyberattacks and breaches occurring with alarming regularity, the nature of cyber threats are also changing. Whereas a few years ago the main targets were corporate giants, banks and healthcare organizations, now small organizations and individuals are just as likely to be hit by a cyberattack that targets their data, affects their IT systems or steals funds.

In response, surplus lines insurance companies are getting innovative in order to help agents protect their clients. A shining example of the innovation on display is NAS Insurance, which recently launched cyber as an add-on to homeowners’ policies.

Cyber as part of a homeowners’ policy provides protection

Read more at: https://www.insurancebusinessmag.com/us/news/cyber/the-need-for-change-in-cyber-insurance-92838.aspx

Cyber crime costs the world almost US$600 billion a year: Report

Cyber crime may now cost the world almost US$600 billion a year, up from US $445 billion three years ago.

That estimate comes from the latest Economic Impact of Cybercrime report by the Washington-based Center for Strategic and International Studies and McAfee.

And –despite regular headlines announcing a new data breach — the report says cyber crime isn’t the most lucrative of illegal activity. Beating it are government corruption and narcotics, citing numbers from the International Monetary Fund.

“Where cybercrime is the undisputed leader,” adds the report, “is in its ability to make hundreds of millions of people victims. A good estimate is that two-thirds of the people online— more than two billion individuals—have had their personal information stolen or compromised. One survey found that 64 per cent of Americans had been victims of fraudulent charges or loss of personal information.

Read more at: https://www.itworldcanada.com/article/cyber-crime-costs-the-world-almost-us600-billion-a-year-report/402038

Economic impact of cyber crime is significant and rising

Businesses need to take the economic impact of cyber crime more seriously, say researchers, with the cost of cyber crime now up to 0.8% of global gross domestic product (GDP) or $600bn a year, a study has revealed.

EXCLUSIVE: ‘Shame on her, she should know better!’ Davina Rankin’s friend SLAMS Georgia Love for ‘cyber bullying …

Daily Mail Australia Reporter

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A close friend of Davina Rankin’s has lashed out

Read more at: http://www.dailymail.co.uk/tvshowbiz/article-5416487/Georgia-Love-accused-cyber-bullying-Davina-Rankin.html