Cybercrime responsible for more than $445bn annual losses and recovery costs globally

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Health record hackers encrypt and hold data for ransomA 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 concludes that cybercrime costs businesses approximately $445 billion worldwide (approximately £266 billion),with an impact on approximately 150,000 jobs in the EU and 200,000 jobs in the U.S.

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 analysis, cybercrime extracts between 15% and 20% of the value created by the internet.


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