Feeds

BILLIONS of digital dollars go AWOL to cybercrooks, says study

Of course, the solution MUST be to buy the sponsor's brand of antivirus ... right?

Security for virtualized datacentres

Cybercrime costs the world $400bn every year – enough to send three International Space Stations into orbit – according to research commissioned by antivirus software house McAfee.

Widely regarded as the most expensive object ever created, the International Space Station has cost the world about $150bn so far. But that's small fry to cyber crooks, which not only hit the tycoons of the world deep in the pocket, but the working man too.

According to research from the Center for Strategic and International Studies (CSIS), which was commissioned by McAfee, cybercrime also "has an impact" on 200,000 jobs in the US and 150,000 jobs in the EU.

McAfee, part of Intel Security, funded the research to show the world the "cost of cybercrime comes from its damage to company performance and to national economies". The effect is felt particularly heavily in developed countries, where firms' intellectual property is an obvious target for information superhighwaymen.

In Britain alone cybercrime costs retailers more than $850m, researchers claimed.

“Cybercrime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” said Jim Lewis of CSIS. “For developed countries, cybercrime has serious implications for employment. The effect of cybercrime is to shift employment away from jobs that create the most value. Even small changes in GDP can affect employment.”

Researchers said the internet economy generates between $2tn and $3tn, but cybercrime can drain between 15 and 20 per cent of the value created by digital business.

Of course, seeing as the research was paid for by one of the world's most well known antivirus firms, the solution offered in this study is simple: buy McAfee. And hope that some of that $400bn finds its way into your back account, rather than back out of it. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
NASTY SSL 3.0 vuln to be revealed soon – sources (Update: It's POODLE)
So nasty no one's even whispering until patch is out
Russian hackers exploit 'Sandworm' bug 'to spy on NATO, EU PCs'
Fix imminent from Microsoft for Vista, Server 2008, other stuff
Forget passwords, let's use SELFIES, says Obama's cyber tsar
Michael Daniel wants to kill passwords dead
FBI boss: We don't want a backdoor, we want the front door to phones
Claims it's what the Founding Fathers would have wanted – catching killers and pedos
Kill off SSL 3.0 NOW: HTTPS savaged by vicious POODLE
Pull it out ASAP, it is SWISS CHEESE
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
Admins! Never mind POODLE, there're NEW OpenSSL bugs to splat
Four new patches for open-source crypto libraries
prev story

Whitepapers

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.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.