Cyber crime now “generates $1.5tn per year”

Cyber crime generates $1.5tn (£1.1tn) in revenue every year, according to a groundbreaking report released at RSA Conference on Friday.

The research, conducted by Surrey University criminologist Michael McGuire and commissioned by security firm Bromium, reveals that if cyber crime was a country, it would have the 13th highest GDP in the world.

According to McGuire’s “conservative estimates”, illicit and illegal online markets generate $860bn a year, theft of trade secrets generates $500bn, data trading generates $160bn, crimeware-as-a-service generates $1.6bn and ransomware generates $1bn.

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Source: New Statesman