The $600 billion cost of global cyber crime

We all know cyber crime is a major problem, but just how big is its worldwide impact? A new report from McAfee and the Center for Strategic and International Studies (CSIS) reckons it costs businesses almost $600 billion a year or 0.8 percent of global GDP. Global losses in 2014 were estimated at $445 billion and the report puts the increase down to criminals quickly adopting new technologies, the ease of engaging in cyber crime -- including an expanding number of cyber crime centers -- and the growing financial sophistication of top-tier criminals. Banks are still the favored target of… [Continue Reading]