Economic Impact of Cybercrime— up to $600 billion (McAfee report)


In 2014, taking into account the full range of costs, CSIS estimated that cybercrime cost the world between $345 billion and $445 billion. As a percentage of global GDP, cybercrime cost the global economy 0.62% of GDP in 2014. Using the same methods, CSIS now believe the
range is now between $445 billion and $600 billion. Our second effort at a global estimate suggests that as a percentage of global GDP, cybercrime cost the global economy 0.8% in 2016.10 Our estimate tried to account for underreporting of losses by companies and governments by extrapolating from the loss rate for countries where we found credible data—these countries accounted for roughly two-thirds of global GDP

According to German IT industry association Bitkom,more than half of all German companies have been the victims of cybercrime, causing damages of more than $64 billion per year. These costs are rapidly increasing, with the total number of cybercrime instances reported to
German law enforcement almost doubling between 2015 and 2016 to a total of 82,000. The head of German federal cybercrime unit has warned that rampant underreporting of cybercrime means that the true damages are likely far higher than many believe, and others within
the German federal police force have called for new legal authorities to enable law enforcement officials to properly confront the problem. Research into the German underground internet economy has shown that the German criminal underground is likely the most
developed in the EU, offering a range of goods and services, including a large number of regionally specific offerings. Germany is also a major source of botnets, as shown by the recent arrest of a British hacker for his role in knocking offline almost one million Deutsche Telekom
customers after attempting to infect their computers with the Mirai worm.

© Copyright 2018 Sorin Mustaca, All rights Reserved. Written For: Sorin Mustaca on Cybersecurity

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About the Author

Sorin Mustaca
Sorin Mustaca, (ISC)2 CSSLP, CompTIA Security+ and Project+, is working since over 20 years in the IT Security industry and worked between 2003-2014 for Avira as Product Manager for the known products used by over 100 million users world-wide. Today he is CEO and owner of Endpoint Cybersecurity GmbH focusing on Cybersecurity, secure software development and security for IoT and Automotive. He is also running his personal blog Sorin Mustaca on Cybersecurity and is the author of the free eBook Improve your security .
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