Cybercrime costs businesses $400 billion: McAfee

Cybercrime costs businesses approximately $400 billion worldwide, said a study sponsored by McAfee.

Approximately 200,000 jobs in the U.S. and 150,000 jobs in the EU were impacted due to Cybercrime, said the report.

The most important cost of cybercrime comes from its damage to company performance and to national economies, said a study by Center for Strategic and International Studies (CSIS) sponsored by McAfee, an Intel company.

Studies estimate that the Internet economy annually generates between $2 trillion and $3 trillion. Based on CSIS estimates, cybercrime extracts between 15 percent and 20 percent of the value created by the Internet.

High-income countries lost more as a percent of GDP than low-income countries – perhaps as much as 0.9 percent on average.

McAfee ScanAlert

CSIS researchers found that the United States notified 3,000 companies in 2013 that they had been hacked, with retailers leading as a favorite target for hackers. In the U.K., retailers reportedly lost more than $850 million to hackers.

Australian officials reported that large scale attacks have occurred against an airline, hotel chains and financial services companies, costing an estimated $100 million. With proper protections in place, these losses could be avoided.

Losses connected to personal information breaches could reach $160 billion, said a study sponsored by McAfee.

40 million people in the U.S., roughly 15 percent of the population, faced stealing of their personal information by hackers.

High-profile breaches around the world: 54 million in Turkey; 20 million in Korea; 16 million in Germany and more than 20 million in China.

In Italy, the recovery, or clean-up costs were $8.5 billion against actual hacking losses of $875 million.

Last week, 11 nations announced the takedown of a crime ring associated with the GameOver Zeus botnet.

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