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Thursday
Aug012013

What are the Costs of Cyber Crimes and Cyber Espionage?

Is cyber crime "the greatest transfer of wealth in human history," or just a "rounding error in a fourteen trillion dollar economy?"  First of all, it is very difficult to estimate how much is lost every year as a result of cyber crimes, from a few billion to hundreds of billions of dollars.  Some companies conceal their losses, sometimes they don't even realize they are suffering losses, and it is hard to put a value on intelectual property.  The large dollar amount is not the only measurement.  We must also consider the effects cyber crime has on trade, technology, and competitivenes, such as the pace of innovation, distortion of trade, and social costs from job loss.  High end estimates see loss of jobs at over 500,000 due to cyber crime.  Losses due to malicious cyber activity can be broken down into six parts: loss of intellectual property and confidential information, cybercrime, loss of sensitive business information including manipulation of stock market, opportunity costs, additional costs of defending networks, insurance, etc., and loss of reputation to hacked companies.  In the end, the larger effect may be on everything else affected by cyber crime than a specific dollar amount.  If more is not done to combat cyber attacks, there could be many short and long term effects in the coming years.  For more information on the costs of cyber crime, click here.

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Reader Comments (1)

Thanks for posting.....
November 8, 2016 | Unregistered CommenterFeegenie

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