Study connects cybercrime to job loss

After years of guesswork and innumerable attempts to quantify the costly effects of cybercrime on the U.S. and world economies, McAfee engaged the Center for Strategic and International Studies (CSIS) to build an economic model and methodology to accurately estimate these losses, which can be extended worldwide.

“Estimating the Cost of Cybercrime and Cyber Espionage” posits a $100 billion annual loss to the U.S. economy and as many as 508,000 U.S. jobs lost as a result of malicious cyber activity.

To help measure the real loss from cyber attacks, CSIS enlisted economists, intellectual property experts and security researchers to develop the report. The general accepted range for cybercrime launch was between $100 billion and $500 billion to the global economy.

SOURCE: net-security.org