Cyber Crime Costing $445 billion per Year

Cyber Crime Costing $445 billion per Year

The Center for Strategic and International Studies has published a report on the growing cost of cybercrime and the estimate is staggering. The world’s biggest economies including the US, China and Germany are among the greatest targets this modern crime phenomena.  CSIS says the annual cost to the global economy is around $445 billion with businesses taking the biggest hit. Damage to reputation, loss of online assets, disruption of service and its effect on sales all have a huge financial impact on businesses and a separate report says that the availability and cost of insurance cover for cybercrime can be an issue for firms. Read the full story.