Cyber Crime Cost Global Economy $445 Billion Annually

Latest Information Technology News in Pakistan: -The cost of cyber crime to the global economy has been estimated at 445 billion dollars (266 billion pounds) a year.

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Cyber ​​espionage and theft of personal information, the individual is believed that more than 800 million people affected in 2013.

Financial losses from cyber theft could lead to as many as 150,000 Europeans are losing their jobs, carried out according to a report by the internet security company McAfee.
Cybercrime damage trade between the nations, competitiveness, innovation and global economic growth, and slows down the pace of global innovation.
McAfee calls on governments to collect gross and systematic efforts and help to publish data on cybercrime, countries and companies are starting better decisions about risk and policy.
Studies estimate that the Internet economy produces annually between $ 2000000000000 and 3000000000000 $, a share of the world economy, which is expected to grow rapidly. Based on the Center for Strategic and International Studies (CSIS) analysis, computer crime extracts between 15 percent and 20 percent of the value of the Internet.
Despite a company based in London lose $ 1300000000 (800 million pounds) in a malicious attack in 2012, the majority of cyber-criminals still considerable difficulties in monetizing their stolen data.
The total cost of cyber crime to the UK economy alone was 11400000000 dollars in 2013, equivalent to 0.16 percent of GDP. Retailers lost more than 850 million U.S. dollars in the same period as a result of the penalty free from financial crime (Latest Information Technology News in Pakistan).
The figures do not apply as a surprise to security professionals and big companies are said Mark savings Hutt, EMEA director of security firm Proof point.
He said the appeal of cybercrime to many criminals because of its relatively low risk was.
"The volumes of the attacks take, because it is a profitable business model for organized crime," he said. "With the Internet crime, there is no risky escape, because the attack by hundreds or thousands of PCs out in dozens of countries, so it is almost impossible to track. The Internet makes most attacks anonymous and untraceable, and that is really attractive for Cyber-criminals. "
Raj Samani, EMEA chief technology officer at McAfee, agreed. "It is clear that cyber crime has a real and negative impact on the world economy in the course of time has become the cyber crime a growth industry; Yields are high and the risks are low," he said.
"As more businesses move online, always connecting more consumers to the Internet, the opportunities for cyber crime will only grow, so that it is imperative that countries now work together to proactively address cyber crime."

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