January 12, 2015
A new report has found that the cost of cybercrime to the global community and infrastructure is not only incredibly high, but steadily rising as well. The study concluded that up to $575 billion a year — larger than some countries’ economies — is lost due to these incidents. The emergence of the largely unregulated, and unprotected, Internet of Things will make matters only worse.
A new report released by the Center for Strategic and International Studies (CSIS) and the Intel Security Group have found that the cost of cybercrime to the global community and infrastructure is not only incredibly high, but steadily rising as well.
As theTelegraph reports, the study carried out by the two organizations concluded that up to $575 billion a year — larger than some countries’ economies — is lost due to these incidents. Additionally, up to 150,000 jobs could be lost in Europe due to damage from cybercrime and the theft of personal records from 40 million people in the United States, 54 million in Turkey, 20 million in Korea, 16 million in Germany, and over 20 million in China. These thefts have occurred due mostly to the vulnerability of the majority of the world’s data.