Cyber Attacks Costs to the Global Economy

The costs of cyber attacks to the global economy could be as high as $400 Billion, according to a research paper published by the Center for Strategic and International Studies and McAfee.

In examples of the losses collected by Reuters, one unidentified company in the United Kingdom reported losses of $1.29 Billion from a cyber attack. Security agencies in the UK reported that it blocked 400,000 advanced cyber threats to its intranet in 2012.

In the United States, the size of the US military’s Cyber Command will quadruple from 2012 to 2013.

In a separate threat research publication, computer company HP stated that the average cost of cyber attacks to a large corporation was $11.56 Million.

Source:  Peteer Apps and Brenda Goh, “Cyber warrior shortage hits anti-hacker fightback,” Reuters, October 13, 2013.

Full Report (PDF): “The Economic Impact Of Cybercrime and Cyber Espionage,” Center for Strategic and International Studies, July 2013, available from McAfee website.