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Business/Financial

Global Cost Of Cybercrime Between $375 Billion And $575 Billion, CSIS Says

By Cal Biesecker

Tuesday, June 10th, 2014

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Global Cost Of Cybercrime Between $375 Billion And $575 Billion, CSIS Says

James Lewis, director and senior fellow, CSIS Strategic Technologies Program

Annual costs to the global economy of cybercrime range between $375 billion and $575 billion and the cyber threat remains a “growth industry,” according to a new study by the Center for Strategic Studies (CSIS) and cyber security provider McAfee. These estimates are probably on the “low side” because many governments don’t do a good job producing data that leads to underestimating the costs of cybercrime, Stewart Baker, a former official with the Department of Homeland Security and one of…

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