Feeds

Network downtime costs planet $1.6 trillion

...Or so lunatic PwC survey claims

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

Naughty hackers and computer viruses cost the global economy $1.6 trillion in the last year, according to a shock-horror survey from PriceWaterhouse Coopers.

That is $4.4 billion per day, $182 million per hour or $51,000 per second.

John DiStefano, the man in charge of the research, bases the calculation on the amount of unplanned downtime experienced by the biggest US firms, and upon an estimate of the lost money in sales. This figure was extrapolated to other countries.

This has got to be questionable methodology. Surely most of the really tempting targets for hackers/crackers and virus composers are Stateside?

DiStefano defends his position, saying that the global companies were a comparable group, and that it was not just a straightforward scaling up.

Bring on the Actuaries

By this calculation, firms in the US with more than 1000 employees lost $266 billion over the past year.

That means each large business lost $5 million on the negative consequences of script kiddies' imaginations.

The PwC report also states that firms turning over the really big bucks spend at least $500,000 on security, but less than half the companies surveyed spend more than $50,000 a year safeguarding against cyber-terrorists.

Sympathy may be too much to ask for companies that are not shelling out big bucks to protect their networks. But if half a million dollars isn't enough, then how much do companies need to spend? Perhaps they are all talking to the wrong people.

DiStefano was reluctant to venture an opinion, saying: "It is an interesting question, but not an area covered by this report."

Disclaimer: We know the term is "Cracker", not "Hacker". Really. We're quoting PwC, OK? ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.