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Norton Study Calculates Cost of Global Cybercrime: $114 Billion Annually

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September 7, 2011
Cyber Security, FedCyber Wire
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via MarketWatch

 

MOUNTAIN VIEW, Calif., Sept. 7, 2011 /PRNewswire via COMTEX/ — For the first time a Norton study calculates the cost of global cybercrime: $114 billion annually.(i) Based on the value victims surveyed placed on time lost due to their cybercrime experiences, an additional $274 billion was lost.(ii) With 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 ($288 billion).(iii)

According to the Norton Cybercrime Report 2011 more than two thirds of online adults (69 percent) have been a victim of cybercrime in their lifetime. Every second 14 adults become a victim of cybercrime, resulting in more than one million cybercrime victims every day.(iv) For the first time, the Norton Cybercrime Report reveals that 10 percent of adults online have experienced cybercrime on their mobile phone. In fact, the Symantec Internet Security Threat Report, Volume 16(v) reported there were 42 percent more mobile vulnerabilities in 2010 compared to 2009 – a sign that cybercriminals are starting to focus their efforts on the mobile space. The number of reported new mobile operating system vulnerabilities increased, from 115 in 2009 to 163 in 2010. In addition to threats on mobile devices, increased social networking and a lack of protection are likely to be some of the main culprits behind the growing number of cybercrime victims.

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