Global cybercrime costs $600 billion annually: Study

The annual cost of cybercrime has hit $600 billion worldwide, fuelled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies. A report produced by the security firm McAfee with the Centre for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017.

The researchers said ransomware is the fastest-growing component of cybercrime, helped by the easy availability of marketplaces offering hacking services. The global research report comes days after the White House released a report showing cyberattacks cost the United States between $57 billion and $109 billion in 2016, while warning of a “spillover” effect for the broader economy if certain sectors are hit.

North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centers, including not only North Korea but also Brazil, India and Vietnam
Cybercrime remains far too easy, since many technology users fail to take the most basic protective measures, and many technology products lack adequate defences, while cybercriminals use both simple and advanced technology to identify targets, automate software creation and delivery, and easy monetization of what they steal

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