Cyber crime cost for global economy estimated at $445bn annuallyJune 9, 2014 - 19:07 AMT PanARMENIAN.Net - The cost of cyber crime for the global economy has been estimated at $445 billion annually, according to the Guardian. Cyber espionage and stealing individuals' personal information is believed to have affected more than 800 million people during 2013. Financial losses from cybertheft could cause as many as 150,000 Europeans to lose their jobs, says a report by internet security company McAfee. Cyber crime damages trade between nations, competitiveness, innovation, and global economic growth, and slows the pace of global innovation. McAfee is calling for governments to begin a serious, systematic effort to collect and publish data on cybercrime to help countries and companies make better choices about risk and policy. Studies estimate that the internet economy annually generates between $2 trillion and $3 trillion, a share of the global economy that is expected to grow rapidly. Based on Center for Strategic and International Studies (CSIS) analysis, cybercrime extracts between 15 per cent and 20 per cent of the value created by the internet. Raj Samani, EMEA Chief Technology Officer for McAfee, agreed. “It is clear that cyber crime has a real and detrimental impact on the global economy. Over time, cyber crime has become a growth industry; the returns are great, and the risks are low,” he said. "As more businesses move online and more consumers connect to the internet, the opportunities for cybercrime will only grow, making it imperative that countries work together now to proactively tackle cyber crime.” Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. |