Cybercrime costs businesses US$445 billion worldwide

A new report from the Center for Strategic and International Studies (CSIS) and sponsored by McAfee, part of Intel Security, shows the significant impact that cybercrime has on economies worldwide. The report, “Net Losses – Estimating the Global Cost of Cybercrime,” concludes that cybercrime costs businesses approximately $400 billion worldwide, with an impact on approximately 200,000 jobs in the U.S., and 150,000 jobs in the EU.
The estimated annual economic losses due to cybercriminals for Singapore alone amounts to as high as S$1.25 billion, which accounts for almost 0.41% of Singapore’s annual GDP.
The most important cost of cybercrime comes from its damage to company performance and to national economies. Cybercrime damages trade, competitiveness, innovation, and global economic growth. 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 CSIS estimates, cybercrime extracts between 15% and 20% of the value created by the Internet.
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