Cybercrimes Cost World $600Bln, 0.8% of Global GDP Annually – Think Tank

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Cybercrimes Cost World $600Bln, 0.8% of Global GDP Annually - Think Tank

MOSCOW (Sputnik) – The annual cost of cybercrime for the global economy amounts to $600 billion or 0.8 percent of the world’s Gross Domestic Product (GDP), which is up from a 2014 study that put global losses at about $445 billion, the US-based Center for Strategic and International Studies (CSIS) said in a report on Wednesday.

“Our current estimate is that cybercrime may now cost the world almost $600 billion, or 0.8% of global GDP,” the report “Economic Impact of Cybercrime — No Slowing Down” read.

According to the 2014 CSIS calculations, cybercrime cost the world’s economy $445 billion, or about 0.7 percent of global income.

The CSIS explained this growth in the amount of damage caused by cybercrime over the past years by the quick adoption of new technologies by cybercriminals; growing number of new users online, especially those in low-income countries with weak cybersecurity; greater access to cybercrime, which can be even used as a service; an increasing number of cybercrime centers, which now include Brazil, India, North Korea, and Vietnam; and growing financial sophistication among top-tier cybercriminals, which contributes to easier monetization of the stolen data.

In 2017, banks remain the favorite target of cybercriminals, the statement noted.

The report considered cybercrime in North America, Europe, and Central Asia, East Asia and the Pacific, South Asia, Latin America and the Caribbean, Sub-Saharan Africa, Middle East and North Africa region.

The researchers note that they did not attempt to measure the cost of all illicit activities conducted online, focusing instead on cases when criminals illegally accessed victims’ computers or networks.

Sourse: sputniknews.com

Cybercrimes Cost World $600Bln, 0.8% of Global GDP Annually – Think Tank

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