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Norton Study Says Cost of Global Cybercrime is $114 Billion Annually

Norton Study Says Cost of Global Cybercrime is $114 Billion Annually - top government contractors - best government contracting event

Norton Study Says Cost of Global Cybercrime is $114 Billion Annually - top government contractors - best government contracting eventWith 431 million adult victims globally in the past year and at an annual price of $388 billion globally based on financial losses and time lost, cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined.

A study by Norton calculates the cost of global cybercime to be $114 billion annually with an additional $274 billion lost based on time lost. According to the Norton Cybercrime Report 2011, more than two thirds of online adults have been victim to cybercrime and 10 percent of adults have experienced cybercrime on their mobile phone demonstrating that cybercriminals have begun to focus on the mobile space.

While 74 percent of survey respondents say they are aware of cybercime, many are not taking precautions.

“There is a serious disconnect in how people view the threat of cybercrime,“ said Adam Palmer, Norton Lead Cybersecurity Advisor. “Cybercrime is much more prevalent than people realize. Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year. And while 89 percent of respondents agree that more needs to be done to bring cybercriminals to justice, fighting cybercrime is a shared responsibility. It requires us all to be more alert and to invest in our online smarts and safety.“

 

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